In the virtual town hall, Trenton Buhr, policy associate for the Center for Rural Affairs, Jim Reiff, executive director of the Nebraska Enterprise Fund in Oakland, and Andrea McClintic, executive director of Dawson Area Development in Lexington discuss and take questions about the Nebraska Advantage Microenterprise Tax Credit.
The Nebraska Advantage Microenterprise Tax Credit Act, created in 2005, incentivizes microentrepreneurship by encouraging business investment and job creation. Currently, the program offers a 20% refundable tax credit over an applicant’s lifetime for eligible investments to business owners with five or fewer employees.
In January, Legislative Bill 366 was introduced by Sen. Tom Briese. The legislation would increase the maximum tax credit from $10,000 to $20,000; allow family members to apply the credit to unrelated businesses; ask the Nebraska Department of Revenue to show more transparency when approving new applications; and ensure it remains available beyond 2022.