Now is the time to submit applications for the Nebraska Advantage Microenterprise Tax Credit Act. The Nebraska Department of Revenue began accepting applications for the 2010 tax year on Nov. 1, 2009. Only two million is available each year, and experience tells us it is allocated very quickly.

Micro business owners and small farmers and ranchers (those with a net worth not exceeding $200,000 or who are engaged in production of value-added agriculture such as aquaculture, agriculture tourism, fruits, herbs, tree products, vegetables, tree nuts, dried fruits, organic crops or nursery crops) are eligible to apply for the tax credit program. The applicant must be able to show personal involvement on a continuous basis in the daily management and operation of the business.

This program will provide investment tax credits for creating or expanding micro businesses that contribute to the revitalization of economically depressed areas through the creation of new or improved income, self-employment, or other new employment in the area.

Applications should be filed with the Nebraska Department of Revenue. They are considered on a first-come, first-serve basis. Once approved, applicants are entitled to claim the refundable tax credit equal to 20 percent of the taxpayer’s new investment in the micro business during the tax year.

For more information: Visit the Nebraska Department of Revenue website, www.revenue.state.ne.us or contact Traci Bruckner, tracib@cfra.org or 402.687.2103 x 1016.