The Microenterprise Tax Credit Administration allows small Nebraska businesses of five (5) or fewer full-time equivalent (FTE) employees, to apply for a refundable credit up to $10,000 just for investing up to $50,000 into their business.  The investment can vary from something as simple as hiring a new employee, raises for an existing employee, new equipment for your business, a new building or recent improvement to the old building regardless if you own the building or lease it.

 

Once you’ve been approved by the state for this beneficial tax credit, you are allowed a 2-year limited timeframe to re-invest up to $50,000 into your business in order to receive a 20% refundable credit.  Example:  If you spend $50,000 you will receive $10,000 credit; $40,000 you will receive $8,000 credit and so forth.

 

Cruise & Associates has assisted small businesses to obtain over $50,000 in tax credits over the last 6 years. We currently have several applications in-process for our clients to receive another $30,000 in credits this year.

 

This credit was set to expire on December 31, 2015, of this year. With the help of Senator Paul Schumacher, the Legislature extended the date for this tax credit into 2017.  The expiration date is now set for December 31, 2017.

 

For more information on this subject, you may check out our video or contact our office.

http://www.youtube.com/watch?v=HAdZTM3PBsw >>

 

 

NOTE: This information should not be considered as tax/legal advice. You should consult your tax/legal advisor regarding your own tax/legal situation.