Form 775n - Nebraska Employment And Investment Growth Act Credit Computation Page 7
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8SPECIFIC INSTRUCTIONS FOR APPLICATIONS FILED AFTER JANUARY 1, 1988
necessary to correct previously reported years, check the corrected box
LINE 1. If you have more than nine years to report, you may start
for each year changed.
your current report with the first year of your entitlement period or
LINE 4. Use the following worksheet to calculate your line 4 entry:
your carryover period by checking the appropriate box. If you find it
WORKSHEET A-2 — Full-time Equivalent Employees
Current Year at Project
1 Total number of employee hours paid per year (full-time, part-time, overtime, holiday, etc. hours paid during current year) . . . . . 1
2 Number of full-time equivalent employees per year [divide line 1 amount by (40 times the number of weeks paid in year)]. . 2
Base Year at Project
3 Total number of employee hours paid per year (full-time, part-time, overtime, holiday, etc. hours paid during base year) . . . . . . 3
4 Increase of base-year employees in hours (as a result of employees who worked in Nebraska in the base year being
transferred to and employed at the project or the acquisition by the taxpayer of a company eligible for inclusion
in the project — see definition of base-year employee on page 6) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
5 Total number of employee hours paid per year after adjustment, if any, during base year (line 3 plus line 4) . . . . . . . . . . . 5
6 Number of full-time equivalent employees per year [divide line 5 amount by (40 times the number of weeks paid in year)]. . 6
7 Number of new employees at taxable year end (line 2 minus line 6). Enter amount here and on line 4, Form 775N . . . . . 7
LINE 5. Enter the total of sales and use taxes paid on the project at
LINE 10. Use the following worksheet to calculate your line 10 entry:
year end. This is the cumulative balance of the sales and use taxes paid
WORKSHEET C-2 — Investment Credit
at the project.
1 Total cost of qualified property incorporated into
LINE 7. Enter the total number of employees employed in Nebraska
or used at the project (see definition of “qualified
at each date. Use the number of actual people employed, not full-time
property”) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
equivalent employees. Include all employees in Nebraska, not just those
2 Total average net annual lease/rent expense for
employed at the project.
qualified property leased/rented by the taxpayer for
use at the project (multiply average net annual rent
LINE 8. Enter the estimated annual wage per new employee for jobs
by the number of years of the lease for which
created in Nebraska after the application date.
taxpayer was originally bound, not to exceed ten
years, or 3 years past end of entitlement period,
NOTE: A taxpayer must have signed an agreement and met the
whichever is earlier) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
required levels of employment and investment for the project in
3 Total value of qualified property incorporated
order to claim a compensation credit on line 9 and an investment
into or used at the project (total of lines 1 and 2). . . . . . . . $
credit on line 10. The taxpayer must meet both threshold levels of
investing in qualified property of at least $3 million and the hiring
4 A Less the amount of refundable Nebraska state
and local option sales or use taxes included
of at least 30 new employees by the close of the current taxable year
in the line 3 amount . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
in order to claim either compensation credit or investment credit
B Less the unpaid portion of canceled leases previously
for the current taxable year’s Form 775N.
claimed as investment . . . . . . . . . . . . . . . . . . . . . . . . . . $
LINE 9. Use the following worksheet to calculate your line 9 entry:
5 Investment amount of qualified property (line 3 minus
the total of lines 4A and 4B) (Enter amount here and on
WORKSHEET B-2 — Compensation Credits
line 3 of Form 775N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
.
6 Investment credit of current year (multiply line 5 by
10,
1 Total taxable compensation paid to all employees employed
and enter this amount on line 10 of Form 775N) . . . . . . . . $
at the project for the current year . . . . . . . . . . . . . . . . . . . . $
2 Total full-time equivalent employees for the current
LINE 13. Enter the amount of distributed credit received during the
year (line 2 of Worksheet A-2) . . . . . . . . . . . . . . . . . . . . . . $
year. For example, a C corporation subsidiary could receive credits from
3 Average compensation for current year
its unitary S corporation parent.
(line 1 divided by line 2) . . . . . . . . . . . . . . . . . . . . . . . . . . . $
4 Total full-time equivalent employees for base year
LINE 16. Enter the amount of credit used to obtain refunds of sales and
(line 6 of Worksheet A-2) . . . . . . . . . . . . . . . . . . . . . . . . . . $
use taxes paid by the taxpayer on non-qualified property purchased and
5 Taxable compensation paid in current year to non-resident
used at the project after the end of the taxable year in which the taxpayer
employees hired after the base year . . . . . . . . . . . . . . . . . $
met both thresholds of investing $3 million and hiring 30 new employees.
6 Total eligible current year compensation paid
(line 1 minus line 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
LINE 17. From line 2, Schedule , enter the amount of credit distributed
7 Average compensation paid to base-year employees
(line 3 multiplied by line 4) . . . . . . . . . . . . . . . . . . . . . . . . . $
to partners, S corporation shareholders, or certain fiduciary beneficiaries.
8 Excess compensation paid during the year (line 6
Any credit distributed by a partnership, S corporation, or estate or trust
minus line 7). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
must be distributed to the partners, shareholders, or beneficiaries in the
9 Compensation credit for the current year (multiply
same manner as income is distributed for use against their income tax
line 8 amount by .05, and enter on line 9, Form 775N) . . . $
liabilities.
ATTACH THIS PAGE TO YOUR NEBRASKA INCOME TAX RETURN
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