ImagiNE Nebraska, launched in 2020, replaces the Nebraska Advantage program. It is a strategic initiative designed to foster economic growth, attract new businesses, and retain existing ones. This program offers a range of incentives, making it an attractive proposition for companies looking to invest and flourish in the state.
Key Features and Incentives
Tiered Incentive Structure:
- ImagiNE Nebraska follows a tiered structure, providing graduated benefits based on the level of investment and job creation. The program offers enhanced incentives for businesses making substantial commitments to the state.
Investment and Job Creation Incentives:
- Eligible businesses can receive incentives based on capital investment and the creation of full-time positions.
- The program supports both new projects and expansions of existing facilities, promoting overall economic development.
Sales Tax Refund:
- ImagiNE Nebraska provides a refund of sales taxes on qualifying purchases related to the approved project.
Personal Property Tax Exemption:
- Qualified businesses may benefit from a 10-year exemption on personal property taxes related to the project.
Eligibility Criteria
To take advantage of ImagiNE Nebraska, businesses must meet certain criteria, including:
- Making a substantial capital investment.
- Creating new full-time positions with competitive wages and benefits.
- Aligning with targeted industries identified by the state.
Application Process
Navigating the ImagiNE Nebraska application process is a crucial step toward reaping its benefits. Businesses must submit a comprehensive application, detailing the proposed project, investment, job creation plans, and other relevant information.
Impact on Economic Development
The ImagiNE Nebraska program plays a pivotal role in shaping the economic landscape of the state. By incentivizing businesses to invest, create jobs, and contribute to the community, Nebraska aims to foster long-term economic prosperity. This program is a powerful tool for businesses seeking a supportive environment for growth and innovation. Its tiered incentive structure, coupled with a commitment to economic development, makes it a valuable asset for companies considering Nebraska as their home.
For businesses looking to capitalize on the ImagiNE Nebraska program, thorough planning, strategic alignment, and a clear understanding of eligibility criteria are essential. By leveraging the incentives provided by ImagiNE Nebraska, companies can position themselves for success in the heart of the Midwest.