EXPANSION - SITE SELECTION - DEVELOPMENT
Dear Business Leaders and Trusted Advisors:
In connection with our Business Expansion practice, we have developed the linked Decision Guide for members of the business community who may be expecting to expand their Nebraska business presence within the next 5 - 7 years.
On January 1, 2021, Nebraska’s new Business Expansion Incentives Platform went into effect. This Guide will detail Nebraska’s incentive programs and provide a look into the important role of incentives across the country in helping companies decide where and how to expand.
The Business Growth Dimensions
The speed and the force at which the economy and business models are changing is unprecedented. Driven by both pre-COVID and COVID induced global, regional and local demographic, political, technology and business model changes, we are in the midst of a rapidly accelerating “perfect storm”. This is affecting the lives of every individual, organization and government today. Business leaders, now more than ever, know that if they don’t innovate and grow, their companies will die or fade quickly.
With the 2020 sunset of Nebraska’s prior principal business incentive platform (the Nebraska Advantage Act), Nebraska has been engaged in a heightened level of discussion and study on how to best continue to improve our business climate.
Impact of the Nebraska Advantage Platform
The impact of the Nebraska Advantage Platform, and the efforts of many throughout our community, are seen in many ways today. Over 900 business expansions have occurred under this program (and its predecessor), adding over 100,000 new jobs and $35 billion of capital investment throughout Nebraska’s diverse business sectors. This was fueled by strategically deploying over $4.5 billion in tax incentives.
Before its 2020 sunset, the Nebraska Advantage tax incentive platform helped to bring Nebraska to Site Selection Magazine’s #1 national ranking for 3 years in a row (for expansion projects per capita).
Now the Imagine Nebraska Act
This has led to the enactment of the Imagine Nebraska Act. Effective January 1, 2021, this new program is part of a new designed platform with other new or updated Nebraska business incentives.
The new Imagine Nebraska platform is substantially different from the Nebraska Advantage Act. Many aspects are clearly better for business. Other potential enhancements, due to Legislature compromises, still remain to be accomplished as Nebraska remains on a path of continued strategic improvement to its business climate.
The Decision Guide
This Decision Guide provides guidance on how to obtain and optimize Nebraska’s new and updated Business Expansion Incentives. This Guide also addresses the actions needed for a successful Business Expansion project.
We welcome the opportunity to discuss your potential Business Expansion plans as you look to grow as part of “The Good Life” in Nebraska.
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