Transfer, sale, or assignment of credit; limitation; use; notice; department; duties; powers

(1) Persons who receive the original issuance of credits from the department under section 77-2906 may transfer, sell, or assign up to fifty percent of such credits to any person or legal entity. If the person who receives the original issuance of credits from the department is a political subdivision or a tax-exempt entity under section 501(c)(3) of the Internal Revenue Code of 1986, as amended, such fifty-percent limitation shall not apply.

(2) The credits allowed to be transferred, sold, or assigned pursuant to subsection (1) of this section may thereafter be transferred, sold, or assigned multiple times, either in whole or in part, by or to any person or legal entity.

(3) Any person acquiring credits under this section may use such credits to offset up to one hundred percent of such person's income tax due under the Nebraska Revenue Act of 1967 or any tax due under sections 44-101 to 44-165 , 77-907 to 77-918 , or 77-3801 to 77-3807 in the year the historically significant real property is placed in service and in subsequent years until all credits have been utilized, except as otherwise provided in section 77-2912 . 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 shall be considered a payment of tax for purposes of subsection (1) of section 77-2734.03 .

(4) The person transferring, selling, or assigning the credits shall notify the officer and the department in writing within fifteen calendar days following the effective date of the transfer, sale, or assignment and shall remit to the department the certificate issued for the credits that were transferred, sold, or assigned. The department shall then issue new certificates as necessary to effectuate the transfer, sale, or assignment. The issuance of the new credits by the department shall perfect the transfer, sale, or assignment of credits.

(5) The department shall develop a system to track the transfer, sale, and assignment of credits and to certify the ownership of the credits.

(6) The department shall have, with respect to the Nebraska Job Creation and Mainstreet Revitalization Act, all authority granted to it in section 77-27,119 .