77-1032 Department of Revenue; duties; review of projects; recapture of incentives; Nebraska Advantage Transformational Tourism and Redevelopment Act Cash Fund; created; use; investment. - Nebraska Statutes

77-1032. Department of Revenue; duties; reviewof projects; recapture of incentives; Nebraska Advantage TransformationalTourism and Redevelopment Act Cash Fund; created; use; investment.(1) The Departmentof Revenue shall contract with an independent consultant to review each projectunder the Nebraska Advantage Transformational Tourism and Redevelopment Actevery fifth year following July 15, 2010. The review shall be paid for byeach project owner. The review shall examine patronage from outside the metropolitanstatistical area as defined by the United States Office of Management andBudget in which the project is located, sales data, and employment recordsto determine the project owner's continued compliance with the provisionsof the act. The project owner shall comply with the provisions of this subsectionor be subject to the recapture provisions of this section. If it is determinedthat the project owner was not in compliance, the municipality may recaptureall or a portion of the incentives provided under the act.(2) If thetaxpayer fails to meet the requirements contained in the agreement for theproject either by the end of the fourth year after the end of the year theapplication was submitted or for the entire entitlement period, all or a portionof the incentives provided under the act shall be recaptured on behalf ofthe municipality.(3) Notwithstanding any other limitations contained in the lawsof this state, collection of any taxes deemed to be underpayments by thissection shall be allowed for a period of four years after the end of the entitlementperiod.(4) Any amounts due under this section shall be recaptured notwithstandingother allowable incentives and shall not be subsequently refunded under anyprovision of the act unless the recapture was in error.(5) The recapturerequired by this section shall not occur if (a) the failure to maintain therequired levels of employment or investment was caused by an act of God ornational emergency or (b) the cost of recapture would exceed the amount tobe recaptured in the opinion of the municipality.(6) The Nebraska Advantage TransformationalTourism and Redevelopment Act Cash Fund is created. The fund shall be usedby the department to carry out its duties under this section. Any money inthe fund available for investment shall be invested by the state investmentofficer pursuant to the Nebraska Capital Expansion Act and the Nebraska StateFunds Investment Act. SourceLaws 2010, LB1018, § 32.Effective Date: July 15, 2010 Cross ReferencesNebraska Capital Expansion Act, see section 72-1269.Nebraska State Funds Investment Act, see section 72-1260.