Beginning in 2015, the Nebraska Job Creation and Mainstreet Revitalization Act provides $15 million in state historic preservation tax credits annually. The credit is equal to 20 percent of eligible expenditures incurred for improvements to qualifying historically significant real property. The credit is limited to a $1 million tax credit […]
Dirt Alert
SCOTUS Holds Omaha Indian Tribe Has Jurisdiction Over Pender Retailers
Nebraska v. Parker, 136 S. Ct. 1072 (2016). The Omaha Indian Tribe asserted jurisdiction over the Village of Pender, Nebraska, by subjecting Pender retailers to a liquor ordinance that required liquor licenses, imposed sales tax on liquor sales, and fined violators. Pender and Pender retailers sued members of the Omaha […]
Request for Notice of Sale in Trust Deed Did Not Apply to Senior Lienholder
First Neb. Educators Credit Union v. U.S. Bancorp, 293 Neb. 308 (2016). U.S. Bank filed a trust deed on real property in Nebraska in 2006. First Nebraska filed a trust deed on the same property in 2007. The First Nebraska trust deed contained a clause requesting notice of default and […]
IRS Clarifies and Expands Eligibility for the Federal Renewable Energy Production Tax Credit
Following the Congressional extension of the federal renewable energy production tax credit (“PTC”) for wind generation facilities in 2015, the Internal Revenue Service recently issued guidance giving qualified wind generation facilities up to two additional years (or four years after beginning construction) to qualify for the PTC. The notice also […]
Nebraska Adopts a State Low-Income Housing Tax Credit
The Nebraska Legislature has adopted a state low-income housing tax credit to accelerate the development of low-income housing in Nebraska (Laws 2016, LB 884). Nebraska is now one of sixteen states that have a state low-income housing tax credit program. Based on the federal Low-Income Housing Tax Credit (“LIHTC”) program, […]