77-7001 – Act, how cited.
77-7001. Act, how cited. Sections 77-7001 to 77-7008 shall be known and may be cited as the Nebraska Higher Blend Tax Credit Act. Source Laws 2022, LB1261, § 1. Operative Date: July 21, 2022
77-7002 – Terms, defined.
77-7002. Terms, defined. For purposes of the Nebraska Higher Blend Tax Credit Act: (1) Department means the Department of Revenue; (2) E-15 means ethanol blended gasoline formulated with a percentage of fifteen percent by volume of ethanol; (3) E-25 means ethanol blended gasoline formulated with a percentage of twenty-five percent by volume of ethanol; (4) […]
77-7003 – Tax credit; eligibility; amount; use; application.
77-7003. Tax credit; eligibility; amount; use; application. (1) Any taxpayer who is a retail dealer and who sold and dispensed E-15 or higher blend on a retail basis during the prior calendar year through a motor fuel pump located at the taxpayer’s retail motor fuel site shall be eligible to receive tax credits under the […]
77-7004 – Tax credit; application; approval; limitation; department; duties.
77-7004. Tax credit; application; approval; limitation; department; duties. (1) If the department determines that an application is complete and that the taxpayer qualifies for tax credits, the department shall approve the application within the limits set forth in this section and shall certify the amount of tax credits approved to the taxpayer. (2) The department […]
77-7005 – Tax credit; how claimed; excess; how treated.
77-7005. Tax credit; how claimed; excess; how treated. (1) A taxpayer shall claim the tax credit by attaching the tax credit certification received from the department under section 77-7004 to the taxpayer’s tax return. (2) Any credit in excess of the taxpayer’s tax liability shall be refunded to the taxpayer. In lieu of claiming a […]
77-7006 – Tax credit; distribution.
77-7006. Tax credit; distribution. 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. Source Laws 2022, LB1261, § 6. Operative Date: July 21, […]
77-7007 – Limitation on new applications.
77-7007. Limitation on new applications. There shall be no new applications filed under the Nebraska Higher Blend Tax Credit Act after December 31, 2026. All applications and all tax credits pending or approved before such date shall continue in full force and effect. Source Laws 2022, LB1261, § 7. Operative Date: July 21, 2022
77-7008 – Rules and regulations.
77-7008. Rules and regulations. The department may adopt and promulgate rules and regulations to carry out the Nebraska Higher Blend Tax Credit Act. Source Laws 2022, LB1261, § 8. Operative Date: July 21, 2022
77-6925 – Incentives; transfer; when.
77-6925. Incentives; transfer; when. The incentives allowed under the Urban Redevelopment Act shall not be transferable except in the following situations: (1) Any credit allowable to a partnership, a limited liability company, a subchapter S corporation, a cooperative, including a cooperative exempt under section 521 of the Internal Revenue Code of 1986, as amended, a […]
77-6926 – Refunds; interest not allowable.
77-6926. Refunds; interest not allowable. Interest shall not be allowable on any refunds paid because of benefits earned under the Urban Redevelopment Act. Source Laws 2021, LB544, § 26.