85 Neb. Admin. Code, ch. 1C, § 002

Current through September 17, 2024

Section 85-1C-002 - Definitions

Only those organizations which meet the criteria below are eligible applicants.

002.01 Act

Act shall mean the Community Development Assistance Act;

002.02 Application

Application shall mean the proposal submitted by a Community Betterment Organization seeking to have a program or project certified for Tax Credit status under the Act.

002.03 Area of Chronic Economic Distress

Area of Chronic Economic Distress shall mean an area of the state which meets any of the following conditions:

(a) An unemployment rate which exceeds the statewide average unemployment rate;

(b) A per capita income below the statewide average per capita income; or

(c) A population loss between the two most recent federal decennial censuses.

002.04 Business Firm

Business Firm shall mean any business entity, including a corporation, a fiduciary, a sole proprietorship, a partnership, a limited liability company, a corporation having an election in effect under Chapter 1, subchapter S of the Internal Revenue Code, as defined in Neb. Rev. Stat. § 49-801.01, subject to the state income tax imposed by Neb. Rev. Stat. § 77-2715 or Neb. Rev. Stat. § 77-2734.02, an insurance company paying premium or related retaliatory taxes in this state pursuant to Neb. Rev. Stat. § 44-150 or Neb. Rev. Stat. § 77-908, or a financial institution paying the tax imposed pursuant to Neb. Rev. Stat. §§ 77-3801 to 77-3807.

002.05 Community Assistance

Community Assistance shall mean furnishing financial assistance, labor, material, or technical advice to aid in the physical improvement of any part or all of a Community Development Area.

002.06 Community Betterment Organization

Community Betterment Organization shall mean (a) any organization performing Community Services or offering Community Assistance in a Community Development Area and to which contributions are tax deductible under the provisions of the Internal Revenue Service of the United States Department of the Treasury and (b) a county, city, or village performing Community Services or offering Community Assistance in a Community Development Area.

002.07 Community Development Area

Community Development Area shall mean any village, city, county, unincorporated area of a county, or census tract which has been designated by the Department as an Area of Chronic Economic Distress.

002.08 Community Services

Community Services shall mean any type of the following in a Community Development Area:

(a) employment training;

(b) human services;

(c) medical services;

(d) physical facility and neighborhood development services;

(e) recreational services or activities;

(f) educational services; or

(g) crime prevention activities, including, but not limited to,

(i) the instruction of any individual in the Community Development Area that enables him or her to acquire vocational skills,

(ii) counseling and advice,

(iii) emergency services,

(iv) community, youth, day care, and senior citizen centers,

(v) in-home services,

(vi) home improvement services and programs, and

(vii) any legal enterprise which aids in the prevention or reduction of crime.

002.09 Department

Department shall mean the Department of Economic Development;

002.10 Director

Director shall mean the Director of Economic Development;

002.11 Individual

Individual shall mean any person subject to the state income tax imposed by Neb. Rev. Stat. § 77-2715.

002.12 Tax Credit

Tax Credit shall mean a credit reducing the amount of tax for which an Individual or Business Firm is liable, as authorized under the Act.

85 Neb. Admin. Code, ch. 1C, § 002