LB 191 Historic Property Tax credit

[PrismA3D]

Today the Legislature passed LB 191 on Final Reading 45-0. Now Governor Heineman has 5 days, excluding Sunday, to sign the bill, allow the bill to become law without his signature, or veto the bill. If you would like to encourage Governor Heineman to sign LB 191 into law, you may contact him at [email protected], with a copy to [email protected].

Under LB191, introduced by Omaha Sen. Jeremy Nordquist, owners returning a historically significant property to service would qualify for a tax credit equal to 20 percent of eligible expenditures up to $10 million and 10 percent of expenditures over $10 million. The main amendments are a $15,000,000 annual cap on available tax credits, a four year initial program with applications accepted starting January 1, 2015, and a prohibition on transferring more than half of the received credits on any project, unless the applicant is a 501(c)(3) entity or a political subdivision.

[GetUrban]

Knowing Heineman, he'll probably veto it. I hope he proves me wrong.