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Employment & Investment Growth Act
Records Retention

Back to LB 775 Information

This guidance document is advisory in nature but is binding on the Nebraska Department of Revenue (Department) until amended. A guidance document does not include internal procedural documents that only affect the internal operations of the Department and does not impose additional requirements or penalties on regulated parties or include confidential information or rules and regulations made in accordance with the Administrative Procedure Act. If you believe that this guidance document imposes additional requirements or penalties on regulated parties, you may request a review of the document.

This guidance document may change with updated information or added examples. The Department recommends you do not print this document. Instead, sign up for the subscription service at revenue.nebraska.gov to get updates on your topics of interest.

  1. Investment
     
    • Tax depreciation schedule summarizing property placed in service on or after the date of application through the end of the project
       
    • List of qualified property placed in service after date of application and retired or sold prior to the end of the project
       
    • Purchase invoices supporting each addition
       
    • Contractor billings for real property additions
       
    • Contractor statements from each contractor (example provided)
       
    • Lease agreements for any leases signed after the date of application
    Note: Investment credit is on purchases/leases net of Nebraska sales tax.
    Non-qualifying property: computer software, land, construction in progress, motor vehicles, aircraft, barges, watercraft, or railroad rolling stock.
  2. Employment/Compensation Credit
     
    1. Full-time equivalent calculation
       
    • Payroll records documenting hours paid (regular, overtime, sick, vacation, civil, etc.) to non-salaried employees.
       
    • Payroll records listing the number os salaried employees at the beginning of the year and each month end.
       
    1. Note:   Retain the base year employment records for the entire term of the project. Changes to the computations may be necessary up to the end of the entitlement period. Need records for the entire state even if the project is not statewide.

    2. Wage Information
       
    • Payroll records documenting compensation paid by employee for those individuals working at the project.
       
    • State and federal payroll tax returns.
       
    • Summation of compensation paid to nonresident employees working at the project hired after the base year.
    Note::   Compensation credit is based on TAXABLE wages (net of 401K, section 125, deferred compensation, etc.).
    Compensation credit excludes wages of non-resident employees hired after the base year.
  3. Initial sales tax refund
     
    • Receivable account or tracking of refundable sales and use tax paid on qualified property placed in service at the project after date of application.
       
    • Purchase invoices.
       
    • Use tax detail supporting any tax accruals.
       
    • Completed contractor statements.

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