Form 775n - Nebraska Employment And Investment Growth Act Credit Computation Page 8
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8SPECIFIC INSTRUCTIONS FOR 1987 APPLICATIONS
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-1 — Full-Time Equivalent Employees
TAXABLE YEAR
(F)
Average of
LAST DAY OF QUARTER
(A)
Employment Calculation
Columns A, B,
First
(B)
(C)
(D)
(E)
C, D, and E
Day
First
Second
Third
Fourth
Current Year at Project
1 Total number of employee hours paid per week (full-time, part-time, overtime,
holiday, etc. hours paid during the week which included the day listed above) . . .
2 Number of full-time equivalent employees per week (divide line 1
amount by 40). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Base Year at Project
3 Total number of employee hours paid per week (full-time, part-time, overtime,
holiday, etc. hours paid during the week which included the day listed above) . . .
4 Increase of base-year employees in hours (as a result of Nebraska
employees 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) . . . . . . . . . . . . . . . . . .
5 Total number of employee hours paid per week after adjustment,
if any (including the day listed above — line 3 plus line 4) . . . . . . . . . . . . . . . . . . .
6 Number of full-time equivalent employees per week (divide line 5
amount by 40). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7 Number of new employees at taxable year end (line 2, col. F, minus line 6, col. F). Enter amount here and on line 4, Form 775N. . . .
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
at the project.
WORKSHEET C-1 — Investment Credit
LINE 7. Enter the total number of employees employed in Nebraska
1 Total cost of qualified property incorporated into or used
at the project (see definition of “qualified property”). . . . . . $
at each date. Use the number of actual people employed, not full-time
2 Total average net annual lease/rent expense for
equivalent employees. Include all employees in Nebraska, not just those
qualified property leased/rented by the taxpayer for
employed at the project.
use at the project (multiply average net annual rent by
LINE 8. Enter the estimated annual wage per new employee for jobs
the number of years of the lease for which taxpayer
created in Nebraska after the application date.
was originally bound, not to exceed ten years) . . . . . . . . . $
3 Total value of qualified property incorporated
NOTE: A taxpayer must have signed an agreement and met the
into or used at the project (total of lines 1 and 2). . . . . . . . $
required levels of employment and investment for the project in
4 A Less the amount of refundable Nebraska state
order to claim a compensation credit on line 9 and an investment
and local option sales or use taxes included
credit on line 10. The taxpayer must meet both threshold levels of
in the line 3 amount. . . . . . . . . . . . . . . . . . . . . . . . . . . . $
investing in qualified property of at least $3 million and the hiring
B Less the unpaid portion of canceled leases previously
of at least 30 new employees by the close of the current taxable year
claimed as investment. . . . . . . . . . . . . . . . . . . . . . . . . . $
in order to claim either compensation credit or investment credit
5 Investment amount of qualified property (line 3 minus
for the current taxable year’s Form 775N.
the total of lines 4A and 4B) (Enter amount here and on
line 3 of Form 775N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
LINE 9. Use the following worksheet to calculate your line 9 entry:
.
6 Investment credit of current year (multiply line 5 by
10,
and enter this amount on line 10 of Form 775N) . . . . . . . . $
WORKSHEET B-1 — Compensation Credits
LINE 13. Enter the amount of distributed credit received during the
1 Total taxable compensation paid to Nebraska resident employees,
other than base-year employees, while employed
year. For example, a C corporation subsidiary could receive credits from
at the project for the current year . . . . . . . . . . . . . . . . . . . . $
its unitary S corporation parent.
2 Taxable compensation paid to base-year employees at the
project for the current year . . . . . . . . . . . . . . . . . . . . . . . . . $
LINE 16. Enter the amount of credit used to obtain refunds of sales and
3 Total taxable compensation paid (total of lines 1 and 2) . . $
use taxes paid by the taxpayer on non-qualified property purchased and
4 Taxable compensation paid to base-year employees during
used at the project after the end of the taxable year in which the taxpayer
the base year (enter the amount of compensation
met both thresholds of investing $3 million and hiring 30 new employees.
paid to base-year employees during the base year
or the average of the total compensation paid during
LINE 17. From line 2, Schedule II, enter the amount of credit distributed
the base year and the two preceding years,
whichever is greater) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
to partners, S corporation shareholders, or certain fiduciary beneficiaries.
5 Excess compensation paid during the year
Any credit distributed by a partnership, S corporation, or estate or trust
(line 3 minus line 4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
must be distributed to the partners, shareholders, or beneficiaries in the
6 Compensation credit for the current year (multiply
line 5 amount by .05, and enter on line 9 of
same manner as income is distributed for use against their income tax
Form 775N) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
liabilities.
ATTACH THIS PAGE TO YOUR NEBRASKA INCOME TAX RETURN
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