Nebraska § 77-6607 - Tax credit; amount; use; how claimed.
Full text of Nebraska Revised Statutes of Nebraska § 77-6607 — Tax credit; amount; use; how claimed., with citation guidance and answers to common questions.
§ 77-6607. Tax credit; amount; use; how claimed.
(1) The tax credit under the Renewable Chemical Production Tax Credit Act shall be in an amount equal to the product of seven and one-half cents multiplied by the number of pounds of renewable chemicals produced in this state by the eligible business during each calendar year in excess of the eligible business's pre-eligibility production threshold. The maximum amount of tax credits that may be issued to an eligible business under a single tax credit application shall not exceed one million five hundred thousand dollars per year.
(2) The tax credit shall be a refundable credit that may be used against any income tax imposed by the Nebraska Revenue Act of 1967. Any credit in excess of the eligible business's tax liability shall be refunded to the taxpayer.
(3) An eligible business shall not receive a tax credit for renewable chemicals produced before the date the business first qualified as an eligible business.
(4) The tax credit shall not be available for any renewable chemicals produced before the 2022 calendar year.
(5) Any tax credit allowable to a partnership, a limited liability company, a subchapter S corporation, or an estate or trust may be distributed to the partners, limited liability company members, shareholders, or beneficiaries in the same manner as income is distributed.
(6) An eligible business shall claim the tax credit by attaching the tax credit certification received from the department under section 77-6606 to its tax return for the tax year in which the credit was approved.
Source: official Nebraska text · Last verified 2026-08-27
Frequently Asked Questions About Nebraska § 77-6607
What does Revised Statutes of Nebraska § 77-6607 cover?
Section 77-6607 ("Tax credit; amount; use; how claimed.") 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 § 77-6607?
A common citation format is "Revised Statutes of Nebraska § 77-6607" (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 § 77-6607 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.