Bill > LB1165

This bill, titled the "Grow the Good Life Act," introduces several changes to Nebraska's revenue and taxation laws, primarily focusing on economic development incentives. A key provision is the creation of a new income tax credit designed to encourage large in-state employers to retain their workforce and headquarters when undergoing a significant change in ownership or control, such as through a merger with an out-of-state company. This credit, known as a "wage retention credit," is calculated as 5% of the total compensation paid to retained employees who meet certain wage and benefit requirements, with an annual cap of $5 million and a total program cap of $50 million. The bill also modifies existing acts, including the Convention Center Facility Financing Assistance Act by redefining "eligible facility" to exclude sports arenas with over 16,000 seats unless located in a primary class city, and the Nebraska Advantage Act by extending the timeframe for meeting employment and investment requirements for certain projects. Additionally, it creates grant programs under the Site and Building Development Act to assist employers with capital improvements following a change in ownership and control, and to help cities of the first class impacted by private entity closures or downsizing. The bill also establishes a grant program managed by the Department of Labor to support economic development organizations in retaining or attracting employees for businesses experiencing such ownership changes. These changes aim to foster economic growth and stability within the state.

Budget and Finance

https://nebraskalegislature.gov/bills/view_bill.php?DocumentID=63187