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FOR IMMEDIATE RELEASE:
March 12, 2009

FOR INFORMATION CONTACT:
Douglas A. Ewald, Tax Commissioner
(402) 471-5604
Mary Hugo, Incentives Manager
(402) 471-5980

2009 FUNDS STILL AVAILABLE FOR MICROBUSINESSES

LINCOLN — Tax Commissioner Doug Ewald encourages individual owners of Nebraska microbusinesses to utilize the Nebraska Advantage Microenterprise Tax Credit Act. This is part of Governor Heineman’s Nebraska Advantage tax incentive programs.

Approximately $501,008 remains of the $2 million available for microbusinesses. A microbusiness is one that employs five or fewer full-time employees. A farm and livestock operation must also have a net worth of $200,000 or less. Qualified applicants can receive up to a $10,000 lifetime maximum refundable income tax credit when they do either of the following:

• Make a new investment (such as the purchase or repair of a piece of business equipment); or
• Increase qualified wages paid to their employees.

The following table shows a comparison of participation from 2006 until now.

 
2006
2007
2008

AS OF 3/11/09
2009

Requests for Participation:
Number of Applications Received
449
408
591
217*
Funds Available
$2,000,000
$2,000,000
$2,000,000
$2,000,000
Funds Authorized
$2,000,000
$2,000,000
$2,000,000
$1,498,992
Business Types:
Agriculture
49%
76%
68%
10%
Construction
4
4
6
17
Manufacturing
3
3
2
3
Wholesale/Retail
8
5
7
23
Professional/Administrative
19
8
9
29
Health Care & Social Assistance
11
1
3
8
Accomodations/Restaurants
2
1
1
3
Services (Auto Repair, Beauty Shops)
4
2
4
7
Total
100%
100%
100%
100%

* The reduction in applications from the agricultural sector is due to legislative changes made in 2008. Livestock producers are encouraged to take advantage of the Nebraska Rural Development Tax Credit Act.

For more information on the specific requirements and on how to apply for Nebraska tax incentive programs, please visit www.revenue.nebraska.gov. You may also contact Mary Hugo, Tax Incentive Manager, at (402) 471-5790.

##

APPROVED:
Douglas A. Ewald
Tax Commissioner


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