Senators passed a bill April 10 that provides a nonrefundable tax credit to people restoring historically significant property.<\/p>\n
Under LB191, introduced by Omaha Sen. Jeremy Nordquist, owners returning a historically significant property to service can qualify for a tax credit equal to 20 percent of eligible expenditures up to $1 million. The total amount of credits available per year is limited to $15 million. Taxpayers are eligible for the credit beginning Jan. 1, 2015, and applications will be accepted until Dec. 31, 2018.<\/p>\n
The bill also allows recipients of credits to transfer, sell or assign up to 50 percent of the credits to any person or legal entity. If the credits are transferred to a political subdivision or a tax-exempt entity, the 50 percent restriction does not apply.<\/p>\n
The Nebraska State Historical Society \u2014 in conjunction with the state Department of Revenue \u2014 is required to electronically file a report by Dec. 31, 2017, detailing the number of applications and credits approved or denied under the program.<\/p>\n
In order to be eligible for the credit, an application must be filed with the state historic preservation officer prior to beginning work. Within 12 months of the project\u2019s completion, a final approval request must be made, after which the final credit would be awarded.<\/p>\n
If a property restored under the tax credit program is significantly changed within five years of completion \u2014 including, but not limited to, work done out of compliance with standards or demolition \u2014 the department can employ a sliding scale to recapture credits.<\/p>\n
If recapture occurs within:
\n\u2022 one year of project completion, 100 percent of the credit may be recaptured;
\n\u2022 two years of project completion, 80 percent of the credit may be recaptured;
\n\u2022 three years of project completion, 60 percent of the credit may be recaptured;
\n\u2022 four years of project completion, 40 percent of the credit may be recaptured; or
\n\u2022 five years of project completion, 20 percent of the credit may be recaptured.<\/p>\n
The bill also incorporates provisions of LB885, originally introduced by Omaha Sen. Burke Harr.<\/p>\n
In counties of at least 150,000 people, two or more vacant or unimproved lots owned by the same person in the same tax district and held for sale or resale can be included in one parcel for property tax purposes. County assessors are directed to use the discounted cash-flow analysis method, in addition to the income approach, when determining property taxes.<\/p>\n
Senators passed the bill on a 45-0 vote.<\/p>\n","protected":false},"excerpt":{"rendered":"
Senators passed a bill April 10 that provides a nonrefundable tax credit to people restoring historically significant property. Under LB191,<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[17],"tags":[76],"class_list":["post-15605","post","type-post","status-publish","format-standard","hentry","category-revenue","tag-sen-jeremy-nordquist"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/15605","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15605"}],"version-history":[{"count":2,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/15605\/revisions"}],"predecessor-version":[{"id":15608,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=\/wp\/v2\/posts\/15605\/revisions\/15608"}],"wp:attachment":[{"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/update.legislature.ne.gov\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}