Form 775p - Nebraska Employment And Investment Growth Act Claim For Nebraska Personal Property Exemption - 2011 Page 2
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2NEBRASKA EMPLOYMENT AND INVESTMENT GROWTH ACT
CLAIM FOR NEBRASKA PERSONAL PROPERTY EXEMPTION, FORM 775P
INSTRUCTIONS
WHO MUST FILE. All taxpayers who have signed an agreement with the Nebraska Department of Revenue (Department)
under the Nebraska Employment and Investment Growth Act (Act), and who anticipate qualifying for the exemption from
personal property taxes, must file a Claim for Nebraska Personal Property Exemption, Form 775P, and any applicable
schedules. A separate Form 775P must be filed for each separate project.
WHEN AND WHERE TO FILE. The Form 775P and all applicable schedules must be filed with the Property Tax
Administrator, with a copy sent to all applicable county assessors, on or before May 1 of the year immediately following
the signing of the agreement, and each following year through the expiration of the exemptions allowed under the Act. The
original should be filed with the Nebraska Department of Revenue, Property Assessment Division; PO Box 98919; Lincoln,
NE 68509-8919. Copies of the Form 775P and applicable schedules must also be filed with the county assessors where the
property has acquired situs. Failure to timely and properly file will result in a waiver of the property tax exemption for
that year. If the agreement is for a project or projects located in more than one county, a separate Form 775P must be filed
for each county.
FILING FORM 775P TO CLAIM A PERSONAL PROPERTY EXEMPTION. The following classes of personal property,
as defined in
Neb. Rev. Stat. §
77-4105(2), must be listed on Form 775P. Only property listed on the
Nebraska Personal
Property Return
filed with the county assessor should be included.
SCHEDULE I, TURBINE-POWERED AIRCRAFT. Turbine-powered aircraft must be listed on
Form 775P, Schedule
I.
SCHEDULE II, COMPUTER SYSTEMS AND CERTAIN PERIPHERAL COMPONENTS. Computer systems and
Form 775P,
Schedule
II. Computer systems must be located in a separately-
certain peripheral components must be listed on
supported, environmentally-controlled area to qualify for the exemption. Refer to
REG-42-002,
Definitions,
for an explanation
of peripheral components that qualify for the property tax exemption.
SCHEDULE III, BUSINESS EQUIPMENT USED IN THE MANUFACTURING OR PROCESSING OF
AGRICULTURAL PRODUCTS. Personal property which is business equipment must be listed on
Form 775P, Schedule
III.
This equipment must be directly used in the manufacturing or processing of agricultural products.
ELIGIBLE PROPERTY.
1.
The personal property eligible for this exemption must be acquired after the date the application was filed.
2.
The Form 775P must contain only personal property which qualifies for exemption under the Act, and must contain
a cumulative listing of all qualified property acquired since the date the application was filed, excluding property
with a zero net book value.
3.
Personal property acquired after the application date, but then disposed of, must continue to appear on the schedule
for one year after disposal. These items must be listed in the same manner as all other property, except the word
“DELETE” must be entered in the Net Book Value column.
SPECIFIC INSTRUCTIONS
All dollar amounts must be rounded to the nearest whole dollar. Dates may be entered as MM-DD-YY. The approval signature,
date, and amount approved are for Department use only.
CLAIM FOR EXEMPTION. The name and mailing address of the individual who should receive the determination for this
exemption must be provided. The tax year must be entered as the year when the project received an approved qualification
audit entitling the company to exemption. Enter the project name and/or number assigned by the Department. For project
location and county, enter the city and/or common address and the county where the project is located and where the property
has acquired situs.
AUTHORIZED SIGNATURE. The authorized signature should include the individual’s title and the date the claim was signed.
The name of the contact person should be printed legibly, and a telephone number and email address should be included.
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