Garden County Nebraska

GardenCoNe.com

Oshkosh, Lewellen, Lisco

Business and Economic Development

Tax and Business Incentives

Local

Oshkosh offers:

• LB840

  What is LB840?

  LB840 is an Act passed by the state legislature in 1991, Local Option Municipal Economic Development. This Act authorizes incorporated cities and villages to collect and appropriate local tax dollars (salesand/or property tax) if approved by the local voters for economic development purposes. The Act outlines the formulation of the local economic development program Plan. The Plan forms the foundation for the collection and expenditure of local tax revenues for economic development.

  http://www.neded.org/index.php?option=com_content&task=view&id=102
  

Garden County offers:

• Employees with an unmatched work ethic
• Central location in the nation for delivery and receiving from north, south, east or west all in minimal time frames.
• Rural Nebraska Quality of Life within driving distances of metropolitan areas

Panhandle

• PADD - Panhandle Area Development District

  http://www.nepadd.com/
  

• Panhandle RC&D

  Mission: "Regional betterment for the eleven Panhandle Counties in Nebraska through mutual cooperation and participation of private and public interests."
  Vision: "A well adjusted, developed community incorporating agriculture, industry, tourism, recreation and commercial enterprises to promote an economy which has the potential to enhance the quality of life for all families and individuals."
  The Panhandle Resource Conservation & Development area includes all of Sioux, Dawes, Sheridan, Box Butte, Scotts Bluff, Morrill, Garden, Banner, Kimball, Cheyenne, and Deuel Counties in Western Nebraska.
  The Panhandle Resource Conservation and Development, Inc. is a public benefit "501(c)(3) non-profit organization,"
  The RC&D Strength is in the participation of local leaders in addressing local needs and working together towards problem solving and development of regional opportunities and needs.
  http://www.panhandlercd.com/
  

State of Nebraska

Highlights of the Nebraska tax structure:

• Sales-only formula used to calculate corporate income tax liability
• No state property tax
• No inventory tax
• No personal property tax on intangibles
• No sales tax on raw materials when used as ingredients or component parts in manufacturing operations
• No sales tax on sales of energy for processing or manufacturing purposes
• No sales tax on water used exclusively in manufacturing and processing
• No sales tax on qualified agricultural machinery and equipment
• No sales tax on manufacturing machinery, equipment, and related services
• Sales and use tax refunds are available on qualified air and water pollution control equipment
• Sales and use tax refunds are available on property qualifying for certain investment incentives

Nebraska's New Generation of Economic Development Incentives

• The Nebraska Advantage package was designed to create a business climate that makes Nebraska the preferred location for starting and growing your business. The Nebraska Advantage rewards businesses that invest in the state and hire Nebraskans. In this progressive, pro-business tax climate, corporate income and sales taxes are reduced or virtually eliminated.
• The Nebraska Advantage package benefits businesses with:

  LB312

  • Nebraska Small Business Advantage
    Part of a larger program that sets out incentives for companies impacting communities through capital investments ranging from $1 million to $30 million, and job creation ranging from 10 to 100 new jobs.
  • LB312 & LB90
    Concepts originally proposed as separate legislative bills also have been incorporated into the structure of LB312 and LB90, including state and local sales tax exemptions for the purchase of manufacturing machinery, equipment and related services.
  • Nebraska Research & Development Advantage
    Allows qualifying research and development companies to claim a tax credit equal to 3 percent of increased expenses related to research & development.
  • Nebraska Micro-Enterprise Tax Credit Program
    Allows a business with five or fewer employees that make up to $10,000 in new investment in an economically struggling community or area will quality for a 20 percent refundable investment tax credit.
  • Nebraska Rural Development Advantage
    Amends the Employment, Expansion and Investment Incentive Act (formerly LB608 passed in 2003) to provide qualified businesses with refundable tax incentive for projects creating two new jobs and investing $125,000 in counties with less than 15,000 residents.

  LB90

  • LB 90 - The second bill making up the Nebraska Advantage, addressing rural development and emphasizing the contributions made by Nebraska's entrpeneurs, as well as agricultural and value-added industries, including alternative fuels such as ethanol.
  • Nebraska Agriculture Innovation Advantage - Reauthorizes a value-added grant program providing grants up to $75,000 to cooperatives, groups or associations to help offset the costs of research, education, training and market development of value-added products sold by producers.
  • Building Entrepreneurial Communities Act - Provides grants up to $75,000 to rural communities to implement collaborative projects addressing issues related to chronic economic distress, unemployment, below-average per capita income, and severe population loss.
  • Nebraska Customized Job Training Advantage - Provides a flexible, discretionary custom job-training program to help ensure the state's workforce is prepared for advances in rapidly changing industries.

  Financing for new or expanding businesses is also available from both the public and private sectors.

  Highlights of Nebraska's corporate tax structure include:

  • No state property tax.
  • No sales or use tax on energy for manufacturing use.
  • No property tax on business inventories, including raw materials, goods in process, and finished goods.
  • A refund of sales tax for pollution control equipment.
  • No tax on intangibles.
  • Investment credits
  • Wage credits
  • Sales tax refund
  • Customized job training
  • State and local sales tax exemptions for purchases of manufacturing machinery, equipment and related services
  • Research and development tax credits
  • Microenterprise tax credits
  • Inventory tax exemptions

The information above was extracted from:
http://www.neded.org/content/view/70/127/
and from
http://www.nppd.com/Economic_Development/Additional_Files/locational_advantages.asp

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