Nebraska 2023-2024 Regular Session

Nebraska Legislature Bill LB491

Introduced
1/17/23  
Refer
1/19/23  

Caption

Change provisions relating to claiming tax credits under the Nebraska Advantage Research and Development Act

Impact

The changes introduced by LB491 could significantly alter the landscape of state-supported research and development efforts. By streamlining and enhancing the process for claiming tax credits, the bill is expected to facilitate increased investment in innovative projects. This could lead to more businesses establishing or expanding their research capabilities in Nebraska, thereby positively impacting the state's employment rates and tax revenue in the long run.

Summary

LB491 proposes to amend the provisions concerning the claiming of tax credits under the Nebraska Advantage Research and Development Act. The bill intends to enhance the state's ability to attract and retain research and development entities by improving the incentives available through these tax credits. Proponents of the bill argue that by adjusting the criteria and processes for claiming tax credits, the state will better position itself as a competitive environment for innovation-driven businesses, which is vital for local economic growth and job creation.

Contention

Despite the support for LB491, there are discussions around its potential implications. Some critics express concerns that the bill may primarily benefit larger corporations while potentially sidelining smaller businesses or startups that may lack the resources to navigate the updated tax credit system. The balance between incentivizing large-scale innovation and supporting smaller players in the market is a key point of contention among lawmakers and stakeholders. Detractors worry that without adequate safeguards, these tax incentives could disproportionately favor established companies, limiting broader economic equity.

Companion Bills

No companion bills found.

Previously Filed As

NE LB118

Change provisions of the Nebraska Advantage Rural Development Act

NE LB809

Change limitations on applications under the Nebraska Advantage Rural Development Act

NE LB1088

Change provisions relating to certain employment and investment requirements under the Nebraska Advantage Act

NE LB235

Change provisions relating to the use of tax credits under the ImagiNE Nebraska Act

NE LB1095

Change provisions relating to tax credits under the Nebraska Biodiesel Tax Credit Act and change provisions of the E-15 Access Standard Act

NE LB33

Change provisions relating to tax credits for school district taxes paid under the Nebraska Property Tax Incentive Act

NE LB1103

Change provisions relating to innovative tourism grants under the Nebraska Visitors Development Act

NE LB81

Define a term and change tax credit provisions under the Nebraska Property Tax Incentive Act

NE LB1410

Change provisions relating to tax incentives under the ImagiNE Nebraska Act

NE LB1002

Change provisions of the Nebraska Biodiesel Tax Credit Act

Similar Bills

No similar bills found.