When working on an income tax return it is very important to consider all of the tax incentive programs that Nebraska has to offer a small business to use.  Our job as accountants is to consider these when working on small business taxes & bookkeeping so our clients get the maximum tax advantage.

Many of my clients ask “What is a small business tax incentive?”   In short, these are programs that are put together by either the federal government or state government that is designed to encourage a business owner to invest money in a specific way and if the business does that then that agency will give that business some money back.

Below is a short list of small business incentive programs that Nebraska offers to businesses:

  1. InterNE Program – This is the Nebraska Internship program that was started a few years ago to encourage Nebraska businesses to hire interns.
  2. Nebraska Worker Training Program – This program is administered by the Nebraska Department of Labor and provides grants to established businesses to fund training projects for existing workings in the state.
  3. Nebraska Microenterprise Tax Credit – This program is administrated by the Nebraska Department of Revenue. This credit helps small businesses with fewer than five employees receive a refundable tax credit for expanding their business.
  4. Nebraska Angel Investment Tax Credit – Encourages investment in high-tech and other start-up Nebraska enterprises by helping attract private funding. The tax credit is refundable and available to a wide range of industries making Nebraska’s Angel Investment Tax Credit one of the most competitive in the nation.

If you have any questions on this blog or any other tax or business questions please feel free to contact my office.

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