Instructions For Nebraska Advantage Act Incentive Computation, Form 312n

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Instructions For Nebraska Advantage Act Incentive Computation, Form 312N
Caution
There are multiple versions of the schedules and instructions for this form that are based on the date of application.
You must use the appropriate version to calculate benefits correctly.
Taxpayers with multiple projects may need to use a different version for each project.
Who Must File. Any taxpayer who has filed an application for a Nebraska Advantage Act (Act) project must file a
Form 312N with supporting schedules, for each year beginning with the filing of the application through the expiration of
all tax incentives under the Act.
Applications dated prior to September 6, 2013. A Form 312N for each tax year must be filed by the taxpayer
that is the project owner at the end of the tax year.
Applications dated on or after September 6, 2013. If there is more than one project owner during the calendar
year, a Form 312N for the entire year must be filed by the taxpayer that is the project owner as of December 31.
When And Where To File. The Form 312N and supporting schedules must be filed as an attachment to the taxpayer’s
Nebraska income tax, financial institution, or partnership return. For applications on or after September 6, 2013, Form 312N
for the calendar year must be filed with the taxpayer’s return for the taxable year which includes December 31 of the year
reported. However, the taxpayer may elect to provide the form reporting the initial attainment of the minimum levels to
the Nebraska Department of Revenue (Department) prior to the filing of the income tax return for the year of qualification.
Failure to complete the Form 312N and supporting schedules will be considered a violation of the terms of the project
agreement and will be grounds for delay or termination of benefits.
The information required depends on the tier selected, type of entities in the project, and whether the project has changed.
Required Documents
Reference
Title
Tier Option
When to File
Page 1
Eligibility Survey
Page 2
Incentive Computation
All Tiers
Year of application through the expiration
Schedule A
Employment Calculation
of all tax incentives.
Tiers
Schedule B
Investment Calculation
1, 2, 4, 5, and 6
Year of application through the end of the
Schedule I
Estimated Sales or Use Tax Refunds
carryover period.
Each year the project is owned by or
Ownership Analysis and Distribution
Schedule II
includes a flow-through entity, or there is a
of Tax Credits
distribution of credits.
All Tiers
Each year there is a change of the
Schedule III
Changes to the Project
project definition or ownership.
Ownership Verification Statement
Each year the project is owned by a flow-
Schedule IV
(Applications dated before
through entity that includes an owner who
September 6, 2013)
is not an individual.
How To Amend. When correcting a prior year’s filing, complete the
Form
312XN, revise the supporting schedules, and
attach these to an amended income tax return, financial institution, or partnership return.
General Instructions
1.
Follow the specific line instructions provided for each page and schedule.
2.
Rounding instructions.
For all dollar values, enter amounts in whole dollars. Do not include cents. Round any amount from 50 cents
to 99 cents to the next higher dollar. Round any amount less than 50 cents to the next lower dollar.
Follow the separate instructions for Schedule A concerning rounding of hours, full-time equivalent (FTE)
employees, and the income tax withholding ratio.
The project must attain the minimum levels of investment and employment without any benefit from
mathematical rounding or truncation.

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