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Nebraska Revised Statutes Chapter 77. Revenue and Taxation § 77-3130. Tax credit; application; approval; audit; tax credit certification

Current as of January 01, 2024 | Updated by Findlaw Staff

(1) If the department determines that an application is complete and that the production company qualifies for tax credits under the Cast and Crew Nebraska Act, the department shall approve the application, notify the production company of the approval, and conduct an audit of each qualified production activity.

(2) Each audit shall:

(a) Be completed in accordance with this section and the procedures developed by the department;

(b) Use sampling methods that the department may adopt;

(c) Follow rules and regulations adopted and promulgated by the department;

(d) Verify each reported qualifying expenditure and identify and exclude each such expenditure that does not fully meet the conditions of the act; and

(e) Exclude any expenditure not submitted with or that was incurred after the application required by section 77-3129 was submitted.

(3) Upon completion of the audit, the department shall adjust the value of the tax credit as necessary and issue a tax credit certification to the production company. The certificate shall include the following information:

(a) An identification number for the certificate;

(b) The date of issuance for the certificate; and

(c) The amount of the tax credit allowed under the act for the production company.

(4) The department shall consider and approve applications for tax credits under the act in the order in which the applications are received.

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Cite this article: FindLaw.com - Nebraska Revised Statutes Chapter 77. Revenue and Taxation § 77-3130. Tax credit; application; approval; audit; tax credit certification - last updated January 01, 2024 | https://codes.findlaw.com/ne/chapter-77-revenue-and-taxation/ne-rev-st-sect-77-3130/

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