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RESET FORM NEBRASKA EMPLOYMENT AND INVESTMENT GROWTH ACT CREDIT COMPUTATION Taxable year beginning for use with Forms 1120N, 1065N, 1120-SN, 1120NF, 1041N, and 1040N • Schedule I is required for all projects with applications filed after April 30, 1996 , and ending FORM 775N , Name as Shown on Return Social Security or Nebraska I.D. No. Federal Identification Number Type of Return 1120-SN 1041N 1120N 1065N 1120NF 1040N Project Name Year of Application Project Location Project Number Option Chosen in Employment and Investment Growth Act Agreement $3,000,000 investment and 30 new employees $20,000,000 investment $10,000,000 investment and 100 new employees QUALIFICATION LEVELS First Year 19 ______ Corrected Carryover (If corrected, Second Year 19 ______ Third Year 19 ______ Fourth Year 19 ______ Corrected Corrected Corrected 1 For First Year Only (check appropriate box) Application Entitlement (If corrected, (If corrected, Taxable year ending (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 attach explanation) attach explanation) attach explanation) 2 Total cumulative net investment in the project at taxable year end. (Qualified $ $ $ $ property placed in service on or after the date of application, net of: sales tax, retirements of qualified property, and expired or cancelled qualified leases) . . . . . . . 2 3 Current year investment of qualified property (net of sales tax paid) (line 5 from Worksheet C-2 in instructions) (for 1987 applications, use Worksheet C-1) . . . . . . . . 3 4 Number of new employees at taxable year end (see Worksheet A-2 in instructions) (for 1987 applications, use Worksheet A-1) . . . . . . . . . . . . . . . . . . . . . . 4 5 Total refundable sales and use tax paid at the project at year end (cumulative) . . . . 5 $ $ $ $ (If corrected, attach explanation) EMPLOYEE AND WAGE INFORMATION (A) 6 Enter in column A the last day of the calendar quarter prior to the application date and in columns B through E the last day of each subsequent tax year . . . . . . . . . . . . . . . 6 7 Total number of actual employees in Nebraska at each date (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Average annual wage per employee for jobs created $ in Nebraska after the application date . . . . . . . . . . . . . . . . . 8 (B) (C) (D) (E) $ $ $ $ $ $ APPLICATION OF CREDITS 9 Allowable compensation credit of current taxable year (see Worksheet B-2 in instructions) (for 1987 applications, use Worksheet B-1) . . . . . . . . . . . . . . . . . . . . . . 9 10 Allowable investment credit of current taxable year (see Worksheet C-2 in instructions) (for 1987 applications, use Worksheet C-1) . . . . . . . . . . . . . . . . . . . . . . 10 11 Total allowable credit of current taxable year (total of lines 9 and 10) . . . . . . . . . . . . 11 12 Amount of credit carried forward from previous year . . . . . . . . . . . . . . . . . . . . . . . . . 12 13 Amount of distributed credit received during the current year . . . . . . . . . . . . . . . . . . 13 14 Total available credit in current year (total of lines 11, 12, and 13) . . . . . . . . . . . . . . . 14 15 Amount of credit taken in current year against income tax liability (enter amount here and on appropriate line of Form 3800N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Amount of credit used to receive sales and use tax refunds on other property used at the project (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Amount of credit distributed to partners, S corporation shareholders, or certain fiduciary beneficiaries (line 2 on Schedule II) . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Ending balance of total credit to be carried forward to following year’s line 12 (line 14 minus lines 15, 16, and 17) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 $ $ $ $ $ $ $ $ $ $ $ ATTACH THIS FORM TO NEBRASKA INCOME TAX RETURN $ $ 8-426-1987 Rev. 5-2013 Supersedes 8-426-1987 Rev. 4-2004 NEBRASKA EMPLOYMENT AND INVESTMENT GROWTH ACT CREDIT COMPUTATION, Page 2 Social Security or Nebraska I.D. No. Project Name Company Name QUALIFICATION LEVELS Fifth Year 19 ______ Sixth Year 19 ______ Corrected Corrected 1 Taxable year ending (see instructions) . . . . . . . . . . . . . . . . . 1 2 Total cumulative net investment in the project at taxable $ year end. (Qualified property placed in service on or after the date of application, net of: sales tax, retirements of qualified property, and expired or cancelled qualified leases) 2 3 Current year investment of qualified property (net of sales tax paid) (line 5 from Worksheet C-2 in instructions) (for 1987 applications, use Worksheet C-1) . . . . . . . . . . . . . . . . 3 4 Number of new employees at taxable year end (see Worksheet A-2 in instructions) (for 1987 applications, use Worksheet A-1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Total refundable sales and use tax paid at the project $ at year end . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 (If corrected, attach explanation) (If corrected, attach explanation) Seventh Year 19 ______ Corrected (If corrected, attach explanation) Eighth Year 19 ______ Corrected Ninth Year 19 ______ Corrected (If corrected, attach explanation) (If corrected, attach explanation) $ $ $ $ $ $ $ $ EMPLOYEE AND WAGE INFORMATION 6 Enter in columns F through J the last day of each tax year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 (F) (G) (H) (I) (J) 7 Total number of actual employees in Nebraska at each date (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 8 Average annual wage per employee for jobs created $ in Nebraska after the application date . . . . . . . . . . . . . . . . . 8 $ $ $ $ $ $ $ APPLICATION OF CREDITS 9 Allowable compensation credit of current taxable year $ (see Worksheet B-2 in instructions) (for 1987 applications, use Worksheet B-1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9 10 Allowable investment credit of current taxable year (see Worksheet C-2 in instructions) (for 1987 applications, use Worksheet C-1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 $ 11 Total allowable credit of current taxable year (total of $ $ $ $ $ lines 9 and 10) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 12 Amount of credit carried forward from previous year . . . . . . 12 13 Amount of distributed credit received during the current year . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 14 Total available credit in current year (total of lines 11, $ 12, and 13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14 15 Amount of credit taken in current year against income tax liability (enter amount here and on appropriate line of Form 3800N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 16 Amount of credit used to receive sales and use tax refunds on other property used at the project (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16 17 Amount of credit distributed to partners, S corporation shareholders, or certain fiduciary beneficiaries (line 2 on Schedule II) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 18 Ending balance of total credit to be carried forward to $ following year’s line 12 (line 14 minus lines 15, 16, and 17) . 18 $ $ $ $ $ $ $ $ ATTACH THIS FORM TO NEBRASKA INCOME TAX RETURN NEBRASKA SCHEDULE I — Estimated Sales or Use Tax Refunds • Required for any project with application filed after April 30, 1996 • Attach to Form 775N Name as Shown on Form 775N A Tax Year in Which Refund is Made Project Name FORM 775N Nebraska Identification Number C Direct Refund B – Adjusted ✓ If Different Than Last Filed Amount D Credit Refunds 1 Application Year 2 $ $ $ $ 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Total Estimated Refunds (lines 1 through 21) INSTRUCTIONS Year. The taxable year of the taxpayer. WHO MUST FILE. Any applicant who applied after April 30, 1996, under the Employment and Investment Growth Act must file the Nebraska Schedule I - Estimated Sales and Use Tax Refunds each year. DEFINITIONS. Entitlement period. The year during which the required increases in employment and investment were met or exceeded, and the next six years. Carryover period. The next eight years after the end of the entitlement period. Qualified property. Any type of property of a type subject to depreciation, amortization, or other recovery under the Internal Revenue Code of 1986, or components of such property, that will be located and used at the project. Qualified property does not include (a) aircraft, barges, motor vehicles, railroad rolling stock, watercraft, or computer software (Revenue Ruling 2987-11), or (b) property that is rented by the taxpayer qualifying under the Employment and Investment Growth Act to another person. COLUMN C - DIRECT REFUNDS. Direct refunds are refunds of Nebraska sales and use taxes on purchases of qualified property for use at the project, or on aircraft for use in connection with the project. All purchases of qualified property or aircraft after the date of application through the end of the entitlement period are eligible for refund. The direct refunds cannot be claimed or paid until the year after the required levels of employment and investment are met. In subsequent years, quarterly refund claims may be filed. COLUMN D - CREDIT REFUNDS. Credit refunds are refunds of Nebraska sales and use taxes using credits earned at the project. Credit refunds are for purchases for use at the project that are not eligible for direct refunds. Credit refunds are for purchases made after the year the required levels were met, through the end of the carryover period. Credit refunds for purchases during a year cannot exceed the credit balance at the beginning of the year. ATTACH THIS PAGE TO YOUR NEBRASKA INCOME TAX RETURN 3 NEBRASKA SCHEDULE II — Distribution of Employment and Investment Growth Act Credit For Partnerships, S Corporations, and Certain Fiduciaries Only Name as Shown on Form 775N Project Name FORM 775N Nebraska Identification Number 1 Enter in the space provided each partner’s, shareholder’s, or beneficiary’s name, social security number or Nebraska identification number, share of income or ownership, and distributed share of the credit reported on line 17, Form 775N (or attach a schedule providing the above information). In the last column indicate whether each partner, shareholder, or beneficiary is subject to income or franchise tax and sales tax. Name of Partner, Shareholder, or Beneficiary* Social Security or Nebraska I.D. No. Share of Income or Ownership Amount of Credit Subject to Income and Sales Tax Yes No 2 TOTAL (enter here, and include on line 17, Form 775N)....................................... * NOTE: Each partner, S corporation shareholder, and beneficiary should be notified of the distributed share of the credit reported on line 17, Form 775N. Such notice will allow partners, S corporation shareholders, or beneficiaries to complete their Form 3800N, Part C. ATTACH THIS PAGE TO YOUR NEBRASKA INCOME TAX RETURN 4 NEBRASKA SCHEDULE III — Changes Within Current Employment and Name as Shown on Form 775N Investment Growth Act Project Project Name Nebraska Identification Number FORM 775N Date of Application SECTION 1: Addition of New Location to Project 1 A Is there a new location included in the project?..................................................................................... YES NO 2 Does the application include all locations in the state?............................................................................... YES NO 3 Is the location interdependent with the prior project locations?.................................................................. YES NO YES NO YES NO YES NO YES NO YES NO YES NO YES NO C Is the entity unitary with the corporate members of the unitary group?................................................. YES NO 10 Was the base year adjusted for the full-time equivalent employees which worked for the new entity for the 12-month period of time prior to the date of acquisition?...................................................................... YES NO 11 Was the investment placed in service prior to the date of acquisition excluded from the investment calculations? ............................................................................................................................................. YES NO B What is the new address? How? SECTION 2: Change in Ownership of Project 4 Has the controlling ownership of applicant changed?................................................................................. If Yes, please explain. 5 Is the applicant named in the Employment and Investment Growth Act agreement a corporation?........... If No, it is not necessary to complete the rest of this section. 6 Does Paragraph 1 of the Employment and Investment Growth Agreement include unitary group members? ............................................................................................................................................. If No, it is not necessary to complete the rest of this section. SECTION 3: Addition of New Entity or Acquisition of Assets 7 Was there a purchase of the assets of another business?......................................................................... If Yes, please identify. Please complete questions 9B, 10 and 11 of this section and questions 5 and 6 of Section 2. 8 Is there a new corporation, joint venture, limited liability company, or partnership that is doing business at the project?............................................................................................................................................. If Yes, please identify. Please complete questions 9 through 11 of this section and questions 5 and 6 of Section 2. 9 A Is the entity owned at least fifty percent by corporate members of the unitary group?......................... If Yes, please identify owners and percent of ownership. B Is the new business engaged in a qualifying activity?........................................................................... Describe the activity: OTE: If the response to line 7 includes more than one entity, please attach a schedule which provides a response to questions N 5 through 9 for each of the entities. ATTACH THIS PAGE TO YOUR NEBRASKA INCOME TAX RETURN 5 INSTRUCTIONS WHO MUST FILE. Any taxpayer who has filed a project application for an agreement with the State Tax Commissioner must file a Nebraska Employment and Investment Growth Act Credit Computation, Form 775N, for each year from the filing of the application through the expiration of all incentives under the Act. For 1987 applications, the average number of employees is determined by converting into equivalent employees of 40 hours per week the number of hours paid for the time periods including the first day of the year and the last day of each quarter of the year. WHEN AND WHERE TO FILE. This computation must be filed as an attachment to the taxpayer’s Nebraska income tax return. However, the taxpayer may elect to file the form reporting the initial attainment of the required levels immediately after the last day of the year the required levels were met. For applications filed after January 1, 1988, the annual average number of new employees is determined by converting into equivalent employees the total number of hours paid per year, divided by (40 multiplied by the number of weeks in the year). 9. Qualifying business. Any business engaged in the following activities: ROUND TO WHOLE DOLLARS. Any amount from fifty cents through 99 cents is to be rounded to the next higher dollar; and any amount less than 50 cents is to be rounded to the next lower dollar. The amounts on the computation form must be shown in whole dollars. a. b. DEFINITIONS. 1. Base year. The year immediately preceding the year during which the application was submitted by the taxpayer. c. 2. Base-year employee. Any individual who was employed in Nebraska and subject to the Nebraska income tax on compensation received from the taxpayer or its predecessors during the base year and who was employed at the project at some time since the end of the year preceding the base year. d. For companies acquired by the taxpayer after the year of application, the base year for the acquired company shall be the twelve months preceding the year of acquisition. Make adjustment on line 4 of Worksheet A-1 or A-2, depending on the year of application. e. 3. Compensation. The wages and other payments subject to withholding for federal income tax purposes. Normally, moving expenses paid by the employer to the employee and 401K contributions made by an employee are not compensation. f. g. 4. Entitlement period. The year during which the required increases in employment and investment were first met or exceeded, and the next six years. The conducting of research, development, or testing for scientific, agricultural, animal husbandry, food product, or industrial purposes; The performance of data processing, telecom-munication, insurance, or financial services; The as s embly, fabrication, manufactur e, or processing of tangible personal property; The storage, warehousing, distribution, or trans-portation of tangible personal property; The sale of tangible personal property if more than 20 percent of the total sales are in any combination of the following: (1) Sales for resale (wholesale sales), (2) Sales of tangible personal property assembled, fabricated, manufactured, or processed by the seller, or (3) Sales of tangible personal property used by the purchaser in any of the listed qualifying activities; The administrative management of any activities, including headquarter facilities, relating to such activities; or Any combination of the activities listed above. 10. Qualified employee leasing company. A qualified employee leasing company is a company that places all employees of a client-lessee on its payroll and leases such employees to the client-lessee on an ongoing basis for a fee and, that also grants to the client-lessee input into hiring and firing decisions. A qualified employee leasing company does not include a temporary employment agency. 5. Investment. The value of qualified property incorporated into or used at the project. For qualified property owned by the taxpayer, the value is the original cost of the property. For qualified property rented by the taxpayer, the average net annual rent is multiplied by the number of years of the lease for which the taxpayer is initially bound, not to exceed ten years for 1987 applications. For applications after January 1, 1988, the average net annual rent is multiplied by the number of years for which the taxpayer is initially bound, not to exceed ten years or the end of the third year after the entitlement period, whichever is earlier. The rental of land included in and incidental to the leasing of a building is included in the computation. 11. Qualified property. Any tangible property of a type subject to depreciation, amortization, or other recovery under the Internal Revenue Code of 1986, or components of such property, that will be located and used at the project. Qualified property does not include: (a) aircraft, barges, motor vehicles, railroad rolling stock, watercraft, or computer software (Revenue Ruling 29-87-11), or (b) property that is rented by the taxpayer qualifying under the Employment and Investment Growth Act to another person. 6. Motor vehicle. Any motor vehicle, trailer, or semitrailer as defined in section 60-301 and subject to licensing for operation on the highways. 12. Taxpayer. Any person subject to sales and use tax, and either an income tax imposed by the Nebraska Revenue Act of 1967 or a franchise tax under Chapter 77, article 38, any corporation that is a member of the same unitary group which is subject to such taxes, and any partnership, S corporation, or joint venture when the partners, shareholders, or members are subject to such taxes. 7. Nebraska employee. An individual who is either a resident or partial-year resident of Nebraska. 8. Number of new employees. The excess of the average number of employees employed at the project during a year over the average number of base-year employees. 13. Year. The taxable year of the taxpayer. 6 SPECIFIC INSTRUCTIONS FOR APPLICATIONS FILED AFTER JANUARY 1, 1988 necessary to correct previously reported years, check the corrected box for each year changed. LINE 4. Use the following worksheet to calculate your line 4 entry: LINE 1. If you have more than nine years to report, you may start your current report with the first year of your entitlement period or your carryover period by checking the appropriate box. If you find it WORKSHEET A-2 — Full-time Equivalent Employees Current Year at Project 1 Total number of employee hours paid per year (full-time, part-time, overtime, holiday, etc. hours paid during current year) . . . . 1 2 Number of full-time equivalent employees per year [divide line 1 amount by (40 times the number of weeks paid in year)] . 2 Base Year at Project 3 Total number of employee hours paid per year (full-time, part-time, overtime, holiday, etc. hours paid during base year) . . . . . . 3 4 Increase of base-year employees in hours (as a result of employees who worked in Nebraska in the base year being transferred to and employed at the project or the acquisition by the taxpayer of a company eligible for inclusion in the project — see definition of base-year employee on page 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5 Total number of employee hours paid per year after adjustment, if any, during base year (line 3 plus line 4) . . . . . . . . . . . 5 6 Number of full-time equivalent employees per year [divide line 5 amount by (40 times the number of weeks paid in year)] . 6 7 Number of new employees at taxable year end (line 2 minus line 6). Enter amount here and on line 4, Form 775N . . . . . 7 LINE 5. Enter the total of sales and use taxes paid on the project at year end. This is the cumulative balance of the sales and use taxes paid at the project. LINE 10. Use the following worksheet to calculate your line 10 entry: LINE 7. Enter the total number of employees employed in Nebraska at each date. Use the number of actual people employed, not full-time equivalent employees. Include all employees in Nebraska, not just those employed at the project. 1 Total cost of qualified property incorporated into or used at the project (see definition of “qualified property”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ WORKSHEET C-2 — Investment Credit 2 Total average net annual lease/rent expense for qualified property leased/rented by the taxpayer for use at the project (multiply average net annual rent by the number of years of the lease for which taxpayer was originally bound, not to exceed ten years, or 3 years past end of entitlement period, whichever is earlier) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ LINE 8. Enter the estimated annual wage per new employee for jobs created in Nebraska after the application date. NOTE: A taxpayer must have signed an agreement and met the required levels of employment and investment for the project in order to claim a compensation credit on line 9 and an investment credit on line 10. The taxpayer must meet both threshold levels of investing in qualified property of at least $3 million and the hiring of at least 30 new employees by the close of the current taxable year in order to claim either compensation credit or investment credit for the current taxable year’s Form 775N. 3 Total value of qualified property incorporated into or used at the project (total of lines 1 and 2) . . . . . . . . $ 4 A Less the amount of refundable Nebraska state and local option sales or use taxes included in the line 3 amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ B Less the unpaid portion of canceled leases previously claimed as investment . . . . . . . . . . . . . . . . . . . . . . . . . . . $ LINE 9. Use the following worksheet to calculate your line 9 entry: 5 Investment amount of qualified property (line 3 minus the total of lines 4A and 4B) (Enter amount here and on line 3 of Form 775N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6 Investment credit of current year (multiply line 5 by .10, and enter this amount on line 10 of Form 775N) . . . . . . . . $ WORKSHEET B-2 — Compensation Credits 1 Total taxable compensation paid to all employees employed at the project for the current year . . . . . . . . . . . . . . . . . . . . $ 2 Total full-time equivalent employees for the current year (line 2 of Worksheet A-2) . . . . . . . . . . . . . . . . . . . . . . $ LINE 13. Enter the amount of distributed credit received during the year. For example, a C corporation subsidiary could receive credits from its unitary S corporation parent. 3 Average compensation for current year (line 1 divided by line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4 Total full-time equivalent employees for base year (line 6 of Worksheet A-2) . . . . . . . . . . . . . . . . . . . . . . . . . . $ LINE 16. Enter the amount of credit used to obtain refunds of sales and use taxes paid by the taxpayer on non-qualified property purchased and used at the project after the end of the taxable year in which the taxpayer met both thresholds of investing $3 million and hiring 30 new employees. 5 Taxable compensation paid in current year to non-resident employees hired after the base year . . . . . . . . . . . . . . . . . . $ 6 Total eligible current year compensation paid (line 1 minus line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7 Average compensation paid to base-year employees (line 3 multiplied by line 4) . . . . . . . . . . . . . . . . . . . . . . . . . $ LINE 17. From line 2, Schedule , enter the amount of credit distributed to partners, S corporation shareholders, or certain fiduciary beneficiaries. Any credit distributed by a partnership, S corporation, or estate or trust must be distributed to the partners, shareholders, or beneficiaries in the same manner as income is distributed for use against their income tax liabilities. 8 Excess compensation paid during the year (line 6 minus line 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 9 Compensation credit for the current year (multiply line 8 amount by .05, and enter on line 9, Form 775N) . . . . $ ATTACH THIS PAGE TO YOUR NEBRASKA INCOME TAX RETURN 7 SPECIFIC INSTRUCTIONS FOR 1987 APPLICATIONS LINE 1. If you have more than nine years to report, you may start your current report with the first year of your entitlement period or your carryover period by checking the appropriate box. If you find it necessary to correct previously reported years, check the corrected box for each year changed. LINE 4.Use the following worksheet to calculate your line 4 entry: WORKSHEET A-1 — Full-Time Equivalent Employees TAXABLE YEAR (A) First Day Employment Calculation LAST DAY OF QUARTER (B) First (C) Second (D) Third (E) Fourth (F) Average of Columns A, B, C, D, and E Current Year at Project 1 Total number of employee hours paid per week (full-time, part-time, overtime, holiday, etc. hours paid during the week which included the day listed above) . . 2 Number of full-time equivalent employees per week (divide line 1 amount by 40) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Base Year at Project 3 Total number of employee hours paid per week (full-time, part-time, overtime, holiday, etc. hours paid during the week which included the day listed above) . . . 4 Increase of base-year employees in hours (as a result of Nebraska employees being transferred to and employed at the project or the acquisition by the taxpayer of a company eligible for inclusion in the project — see definition of base-year employee on page 6) . . . . . . . . . . . . . . . . . 5 Total number of employee hours paid per week after adjustment, if any (including the day listed above — line 3 plus line 4) . . . . . . . . . . . . . . . . . . . 6 Number of full-time equivalent employees per week (divide line 5 amount by 40) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 Number of new employees at taxable year end (line 2, col. F, minus line 6, col. F). Enter amount here and on line 4, Form 775N . . . . LINE 5. Enter the total of sales and use taxes paid on the project at year end. This is the cumulative balance of the sales and use taxes paid at the project. LINE 10. Use the following worksheet to calculate your line 10 entry: LINE 7. Enter the total number of employees employed in Nebraska at each date. Use the number of actual people employed, not full-time equivalent employees. Include all employees in Nebraska, not just those employed at the project. 1 Total cost of qualified property incorporated into or used at the project (see definition of “qualified property”) . . . . . . $ LINE 8. Enter the estimated annual wage per new employee for jobs created in Nebraska after the application date. NOTE: A taxpayer must have signed an agreement and met the required levels of employment and investment for the project in order to claim a compensation credit on line 9 and an investment credit on line 10. The taxpayer must meet both threshold levels of investing in qualified property of at least $3 million and the hiring of at least 30 new employees by the close of the current taxable year in order to claim either compensation credit or investment credit for the current taxable year’s Form 775N. LINE 9. Use the following worksheet to calculate your line 9 entry: WORKSHEET B-1 — Compensation Credits WORKSHEET C-1 — Investment Credit 2 Total average net annual lease/rent expense for qualified property leased/rented by the taxpayer for use at the project (multiply average net annual rent by the number of years of the lease for which taxpayer was originally bound, not to exceed ten years) . . . . . . . . . . $ 3 Total value of qualified property incorporated into or used at the project (total of lines 1 and 2) . . . . . . . . $ 4 A Less the amount of refundable Nebraska state and local option sales or use taxes included in the line 3 amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ B Less the unpaid portion of canceled leases previously claimed as investment . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5 Investment amount of qualified property (line 3 minus the total of lines 4A and 4B) (Enter amount here and on line 3 of Form 775N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6 Investment credit of current year (multiply line 5 by .10, and enter this amount on line 10 of Form 775N) . . . . . . . . $ LINE 13. Enter the amount of distributed credit received during the year. For example, a C corporation subsidiary could receive credits from its unitary S corporation parent. 1 Total taxable compensation paid to Nebraska resident employees, other than base-year employees, while employed at the project for the current year . . . . . . . . . . . . . . . . . . . . $ 2 Taxable compensation paid to base-year employees at the project for the current year . . . . . . . . . . . . . . . . . . . . . . . . . $ LINE 16. Enter the amount of credit used to obtain refunds of sales and use taxes paid by the taxpayer on non-qualified property purchased and used at the project after the end of the taxable year in which the taxpayer met both thresholds of investing $3 million and hiring 30 new employees. 3 Total taxable compensation paid (total of lines 1 and 2) . . . $ 4 Taxable compensation paid to base-year employees during the base year (enter the amount of compensation paid to base-year employees during the base year or the average of the total compensation paid during the base year and the two preceding years, whichever is greater) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 5 Excess compensation paid during the year (line 3 minus line 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 6 Compensation credit for the current year (multiply line 5 amount by .05, and enter on line 9 of Form 775N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ LINE 17. From line 2, Schedule II, enter the amount of credit distributed to partners, S corporation shareholders, or certain fiduciary beneficiaries. Any credit distributed by a partnership, S corporation, or estate or trust must be distributed to the partners, shareholders, or beneficiaries in the same manner as income is distributed for use against their income tax liabilities. ATTACH THIS PAGE TO YOUR NEBRASKA INCOME TAX RETURN 8
Form 775N
More about the Nebraska Form 775N Corporate Income Tax Tax Credit TY 2023
We last updated the https://revenue.nebraska.gov/files/doc/incentives/775info/fillin775n.pdf in February 2024, so this is the latest version of Form 775N, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form 775N directly from TaxFormFinder. You can print other Nebraska tax forms here.
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Form Sources:
Nebraska usually releases forms for the current tax year between January and April. We last updated Nebraska Form 775N from the Department of Revenue in February 2024.
Form 775N is a Nebraska Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Nebraska Form 775N
We have a total of thirteen past-year versions of Form 775N in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
2011 Form 775N
8-426r2004pg1-2
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