Nebraska § 77-5407 - Credits authorized.
Full text of Nebraska Revised Statutes of Nebraska § 77-5407 — Credits authorized., with citation guidance and answers to common questions.
§ 77-5407. Credits authorized.
Any taxpayer who qualifies for the incentives by adding the number of employees, wages, and investment required in section 77-5405 shall be entitled to:
(1) A credit equal to five percent of the amount by which the total compensation paid during the year exceeds the average compensation paid at the project multiplied by the number of equivalent base-year employees. For the computation of such credit, average compensation means the total compensation paid at the project divided by the total number of equivalent employees at the project; and
(2) A credit equal to ten percent of the investment made in qualified property at the project.
The credits prescribed in subdivisions (1) and (2) of this section shall be allowable for compensation paid and investments made during each year of the entitlement period that the taxpayer is at or above the required levels of employment, wages, and investment. The credits prescribed in subdivision (2) of this section shall also be allowable during the first year of the entitlement period for investment in qualified property at the project after the date of the application and before the required levels of employment, wages, and investment are met.
Frequently Asked Questions About Nebraska § 77-5407
What does Revised Statutes of Nebraska § 77-5407 cover?
Section 77-5407 ("Credits authorized.") is part of the Revised Statutes of Nebraska, the codified statutory law of Nebraska. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Nebraska § 77-5407?
A common citation format is "Revised Statutes of Nebraska § 77-5407" (Nebraska). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Nebraska law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Nebraska official source linked on this page or consult a licensed Nebraska attorney.
How does Nebraska § 77-5407 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Nebraska can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Nebraska.