Break out the champagne and party hats! It is time to celebrate! After three years of hard work and collaboration by senators, the chamber team, business owners and stakeholders, Nebraska announced a new business incentive law poised to replace the Nebraska Advantage Act, which will sunset at the end of 2020.
A sweeping improvement over its predecessor, the ImagiNE Nebraska Act ensures the state will continue to offer tax incentives for expanding and new businesses.
Not only this, but the ImagiNE Nebraska Act, and two other key bills, were also combined into one “grand compromise” bill that included property tax relief and a commitment by the state to financially support the UNMC NExt project.
The NExt project – a public-private partnership between the Department of Defense, the University and the community – is projected to include a $2.6 billion state-of-the-art academic medical center facility, as well as a federal all-hazard, disaster-response military-and-civilian partnership.
The joint endeavor will provide training in highly infectious threat-management, while also offering critical care for federal, civilian and military personnel. In addition to the enormous financial investment, estimates suggest 8700 high-paying jobs will be located at the facility.
The property tax relief bill is slated to provide as much as $650 million in tax credits over the next several years, funded through growth in state revenue, to lessen the burden of property taxes paid at the local level.
The passage of these three bills represents opportunities the state has never seen before. Huge investments in capital. Tens of thousands of new higher-paying jobs; and, reduced tax liabilities to make us more competitive with neighboring and other states. Keeping existing firms here in the state and adding new high paying jobs will also assist in keeping our best and brightest in the community.
This is a trifecta of advantages: A win – win – win scenario this chamber committed to more than 36 months ago and continued to advance.
Our commitment is, as always, to you. We are constantly trying to grow the size of the market here so you can sell more goods and services. We strive to make this economy so dynamic, talent stays here in droves and outside talent is knocking on all of your doors –eager to be part of the action. Chalk this one up to hard work, determination, cooperation, collaboration and a willingness to make a deal.
Time to party!
We Rise: Economic Recovery Plan
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