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Nebraska Governor Signs Law Increasing Rural Development Income Tax Credits, Higher Blend Gas Tax Credits

April 20, 2022, 5:00 AM

The Nebraska Governor April 19 signed a law increasing the individual income and corporate income tax credits available for approved projects under the Advantage Rural Development Act. The law includes measures: 1) increasing the available credits to $10 million for calendar year 2022 and thereafter; 2) providing that the amount of the credit allowed shall be 10 percent of the investment, not exceeding a credit of $500,000 per application; 3) adopting the Higher Blend Tax Credit Act and creating a new refundable excise tax credit, beginning in tax year 2022, for retail dealers selling and dispensing E-15 or higher blend ...