Tax Incentive Program Nets Nebraska $1.16B In Planned Investments
By Scott Stewart
The Daily Record
The Nebraska Department of Revenue recently released its annual report summarizing Nebraska tax incentive programs.
Fifty-eight companies signed agreements under the Nebraska Advantage Act in 2018, with the majority bringing new jobs to the Omaha metropolitan area.
The projects represent planned investment of $1.16 billion with a planned employment of 2,707 full-time equivalent positions.
The largest employment gains come from Toast Inc. in Omaha (500 FTEs) and i2c Inc. (300). The largest investment gains come from BNSF Railway Co. ($350 million) and Upstream Wind Energy Inc. ($300 million).
Cumulative, there were 154 qualifying projects under the Nebraska Advantage Act in 2018. The department found an increase of 2,489 FTEs for new jobs at qualifying projects, with a total of 18,826 FTEs added since 2006.
Those 154 qualifying projects earned a total of about $983.4 million in tax credits, and they have used a total of about $494.2 million. About $479.6 million in tax credits are outstanding.
Of the 154 qualifying projects, 86 are in manufacturing. Among the non-manufacturing projects, 19 are in finance and insurance services and 28 are professional or miscellaneous service industry.
The estimated wages of new jobs in 2018 was about $38,100 for manufacturing and about $53,700 for non-manufacturing, for an average of about $46,900.
The annual report also offers an overview of the Nebraska Advantage Rural Development Act, the Nebraska Advantage Microenterprise Tax Credit Act, the Nebraska Advantage Research and Development Act, the Employment and Investment Growth Act and the Invest Nebraska Act.
A copy of the 2018 report, along with annual reports issued since 1997, can be found online at revenue.nebraska.gov.