77-2502. Terms, defined.

242 words·~1 min read·/ne/chapter-77/77-2502

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

For purposes of the Affordable Housing Tax Credit Act:

(1)Allocation year means the year for which the authority awards Nebraska affordable housing tax credits pursuant to the act;

(2)Authority means the Nebraska Investment Finance Authority;

(3)Eligibility statement means a statement authorized and issued by the authority certifying that a given project is a qualified project that qualifies for Nebraska affordable housing tax credits;

(4)Federal low-income housing tax credit means the federal tax credit provided in section 42 of the Internal Revenue Code of 1986, as amended;

(5)Nebraska affordable housing tax credit means the nonrefundable tax credit authorized in section 77-2503 ;

(6)Pass-through entity means

(a)a partnership,

(b)a limited liability company, or

(c)a corporation having an election in effect under subchapter S of the Internal Revenue Code of 1986, as amended;

(7)Qualified project means a qualified low-income building or buildings, as that term is defined in section 42 of the Internal Revenue Code of 1986, as amended; and

(8)Taxpayer means a person, firm, corporation, or other business entity subject to the income tax imposed by section 77-2715 or 77-2734.02 , an insurance company subject to premium and related retaliatory tax liability imposed by section 44-150 , 77-908 , or 81-523 , a financial institution subject to the franchise tax imposed by sections 77-3801 to 77-3807 , or a nonprofit corporation of the type listed in 26 U.S.C. 501(c)(3) or 26 U.S.C. 501(c)(4).