Credit; amount; claim; approval; procedure

(1) Any person incurring eligible expenditures may receive a nonrefundable credit against any income tax imposed by the Nebraska Revenue Act of 1967 or any tax imposed pursuant to sections 44-101 to 44-165 , 77-907 to 77-918 , or 77-3801 to 77-3807 for the year the historically significant real property is placed in service.

(2) For historically significant real property located in a county that includes a city of the metropolitan class or a city of the primary class, the credit shall be equal to twenty-five percent of eligible expenditures. For historically significant real property located in any other county, the credit shall be equal to thirty percent of eligible expenditures. In all cases, the maximum credit allocated to any one project shall be two million dollars.

(3) Any taxpayer that claims a tax credit shall not be required to pay any additional retaliatory tax under section 44-150 as a result of claiming such tax credit. Any tax credit claimed under this section shall be considered a payment of tax for purposes of subsection (1) of section 77-2734.03 .

(4) To claim the credit authorized under this section, a person must first apply and receive an allocation of credits and application approval under section 77-2905 and then request and receive final approval under section 77-2906 .

(5) Interest shall not be allowed on any refund paid under the Nebraska Job Creation and Mainstreet Revitalization Act.