Instructions For Nebraska Advantage Act Incentive Computation, Form 312n (Page 4 of 7) in pdf

Qualified property of the taxpayer, which is located at the Nebraska residence of a teleworker working on tasks interdependent

with the work performed at the project, is deemed to be located and used at the project.

Rate of Pay. The rate of pay is the amount used to determine if an employee meets or exceeds the required wage level for

the calculation of the number of new employees.

Related Persons. Related persons means any corporations, partnerships, limited liability companies, or joint ventures

which are or would otherwise be members of the same

unitary

group, if incorporated, or any persons who are considered to

be related persons under either IRC § 267(b) and (c) or IRC § 707(b).

Recapture of Benefits. Recapture is a reduction in benefits when the taxpayer fails to maintain the minimum levels

of investment or employment for all years during the entitlement period. If a project in a tier eligible for property tax

exemptions does not meet the minimum investment and employment levels, the taxpayer owes recapture of property tax

exemptions already received in the attainment period. Recapture also includes any refunds or reductions in tax to which the

taxpayer was not entitled. Contact the Department for additional information.

Taxpayer.

Applications Dated Before July 15, 2010. A taxpayer is any person subject to sales and use taxes under the

Nebraska Revenue Act of 1967

and subject to income tax withholding under

Neb. Rev. Stat. §

77-2753; and any

corporation, partnership, limited liability company, cooperative, including a cooperative exempt under IRC § 521, as

amended, limited cooperative association, or joint venture that is or would otherwise be a member of the same unitary

group, if incorporated, that is subject to sales and use taxes or income tax withholding. Taxpayer does not include a

political subdivision or an organization that is exempt from income taxes under IRC § 501(a), or any partnership, limited

liability company, cooperative, including a cooperative exempt under IRC § 521, as amended, limited cooperative

association, or joint venture in which political subdivisions or organizations described in IRC § 501(c) or (d) hold an

ownership interest of 10% or more.

Applications Dated July 15, 2010 to September 5, 2013. A taxpayer is the same as referenced above, except

political subdivisions or organizations described in IRC § 501 (c) or (d) cannot hold an ownership interest of 20%

or more.

Applications Dated on or After September 6, 2013. A taxpayer is any person subject to sales and use taxes under

the Nebraska Revenue Act of 1967 and subject to income tax withholding under Neb. Rev. Stat. § 77-2753; and any

entity that is or would otherwise be a member of the same unitary group, if incorporated, that is subject to sales and use

taxes and income tax withholding. Taxpayer does not include a political subdivision or an organization that is exempt

from income taxes under IRC § 501(a), as amended. Political subdivision includes any public corporation created for

the benefit of a political subdivision and any group of political subdivisions forming a joint public agency, organized by

interlocal agreement, or utilizing any other method of joint action.

Year.

Applications Dated Before September 6, 2013. The year is the federal taxable year of the taxpayer.

Applications Dated on or After September 6, 2013. The year is a calendar year.

Instructions for Form 312N, Page 1

Form 312N, Page 1, must be completed for each project for each year of the attainment, entitlement, and carryover periods.

This page is required for each year through the expiration of all tax incentives.

Specific Instructions

Nebraska ID Number. Enter the Nebraska ID number assigned by the Department, or the individual’s Social

Security number.

Federal ID Number. Enter the Federal ID number assigned by the Internal Revenue Service.

Year End. Enter the last day of the year reported on this Form 312N.

Project Number. Enter the project number stated in the heading of the project agreement.

Tier. Enter the tier stated in the first paragraph of the project agreement.

Date of Application. Enter the date of application shown in paragraph 1(a) of the project agreement.

Business Classification Code. Enter the six-digit number that best describes the project’s principal business activity in

Nebraska. The business classification codes may be found on the Department’s website.

Name of Contact Person. Enter the name of the individual authorized to receive and provide information to the

Department on the Form 312N and supporting schedules. Designating a contact person gives that individual a limited power

of attorney for the information on the Form 312N. The contact person has authority to receive confidential information on

behalf of the taxpayer and to provide additional information.

Instructions For Nebraska Advantage Act Incentive Computation, Form 312n Page 4

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