Eligible projects for development financing or industrial development bond financing generally include any land, buildings or other improvements, or any real or personal property (new or existing), used in connection with the activities listed below. No more than 25% of the bond proceeds may be used to acquire land or an interest in land. In the descriptions below, non-profit entities are those created for purposes unrelated to the operation for profit; i.e., no part of the income is distributable to its members, directors or officers, such as non-profit corporations created in accordance with Nebraska law. In order for interest on the bonds to be tax-exempt for federal income tax purposes, such non-profit entities must qualify as a 501(c)(3) corporation under federal law.
1. Manufacturing or industrial enterprises.
2. Service enterprises owned by a non-profit entity, including hotels or motels, certain sports and recreation facilities, and certain convention or trade show facilities, if:
3. Projects in designated blighted areas of the state, including office buildings and retail businesses that are owned by a non-profit entity.
- such facilities constitute new construction or rehabilitation, with at least 50% of the bond proceeds used for rehabilitation, and
- such facilities do not or will not derive a significant portion of their gross receipts from retail sales or utilize a significant portion of their total area for retail sales.
4. Office buildings used by a non-profit entity, if:
5. Any private non-profit hospital, non-profit nursing home or any public hospital, public nursing home or public institution authorized by law to provide or operate health facilities in Nebraska.
- the principal occupant employs at least 50 people,
- the building will be used by the principal occupant as a national, regional or divisional office, and
- the principal occupant is engaged in a multi-state operation.
6. Certain projects pertaining to solid waste disposal and wastewater treatment.
7. Economic Impact Projects (projects using the federal New Market Tax Credit)