Form 775n - Nebraska Employment And Investment Growth Act Credit Computation Page 3
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8NEBRASKA SCHEDULE I — Estimated Sales or Use Tax Refunds
FORM
• Required for any project with application filed after April 30, 1996
nebraska
775N
department
• Attach to Form 775N
of revenue
Name as Shown on Form 775N
Project Name
Nebraska Identification Number
B – Adjusted
C
A
D
3
If Different Than
Direct Refund
Tax Year in Which Refund is Made
Credit Refunds
Last Filed Amount
1
Application Year
$
$
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
Total Estimated Refunds
$
$
22
(lines 1 through 21)
INSTRUCTIONS
Year. The taxable year of the taxpayer.
WHO MUST FILE. Any applicant who applied after
April 30, 1996, under the Employment and Investment Growth
COLUMN C - DIRECT REFUNDS. Direct refunds are
Act must file the Nebraska Schedule I - Estimated Sales and
refunds of Nebraska sales and use taxes on purchases of qualified
Use Tax Refunds each year.
property for use at the project, or on aircraft for use in connection
DEFINITIONS.
with the project. All purchases of qualified property or aircraft
Entitlement period. The year during which the required
after the date of application through the end of the entitlement
increases in employment and investment were met or exceeded,
period are eligible for refund. The direct refunds cannot be
and the next six years.
claimed or paid until the year after the required levels of
Carryover period. The next eight years after the end of the
employment and investment are met. In subsequent years,
entitlement period.
quarterly refund claims may be filed.
Qualified property. Any type of property of a type subject to
COLUMN D - CREDIT REFUNDS. Credit refunds are
depreciation, amortization, or other recovery under the Internal
refunds of Nebraska sales and use taxes using credits earned at
Revenue Code of 1986, or components of such property, that
the project. Credit refunds are for purchases for use at the project
will be located and used at the project. Qualified property does
that are not eligible for direct refunds. Credit refunds are for
not include (a) aircraft, barges, motor vehicles, railroad rolling
purchases made after the year the required levels were met,
stock, watercraft, or computer software (Revenue Ruling 29-
87-11), or (b) property that is rented by the taxpayer qualifying
through the end of the carryover period. Credit refunds for
purchases during a year cannot exceed the credit balance at the
under the Employment and Investment Growth Act to another
beginning of the year.
person.
ATTACH THIS PAGE TO YOUR NEBRASKA INCOME TAX RETURN
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