Why Grand Island?
Incentive

Incentive

The Grand Island Area Economic Development Corporation and its Board of Trustees will coordinate and collaborate with city, county, and state officials to tailor an incentive package to meet your business need and requirements.

Local Incentives

Tax Increment Financing (TIF)

Tax Increment Financing (TIF) in Nebraska is primarily designed to finance the public costs associated with a private development project. Essentially, the property tax increases resulting from a development are targeted to repay the public investment required by a project. TIF encourages private investment in blighted or deteriorating areas by allowing city governments to devote all property tax revenue increases to repay the public investment needed to attract development.

Community Development Block Grant (CDBG) Reuse Funds

The Community Development Block Grant (CDBG) Reuse Funds is a flexible program that provides communities and businesses with resources to address a wide range of unique community development needs. Businesses expanding and creating employment opportunities for low-to-moderate income persons may be eligible to recieve CDBG Reuse Funds.

LB840

Local Option (LB840) is the primary incentive offered by The Grand Island Area Economic Development Corporation. LB840 is a cash payment made directly to your company based on job creation and training needs for your employees. A structured payment system is established between expanding businesses and the GIAEDC. Training incentives can be paid up front to jumpstart your business, while job creation incentives are an annual payment delivered over a three-year period of time. We are also capable of structuring a low interest and/or forgivable loan to meet your business's needs.

 

 

State Incentives

Nebraska Advantage

The Nebraska Advantage package was designed to create a business climate that makes Nebraska the preferred location for starting and growing your business. The Nebraska Advantage rewards businesses that invest in the state and hire Nebraskans. In this progressive, pro-business tax climate, corporate income and sales taxes are reduced or virtually eliminated.

Highlights of the Nebraska tax structure:

  • Sales-only formula used to calculate corporate income tax liability
  • No state property tax
  • No inventory tax
  • No personal property tax on intangibles
  • No sales tax on raw materials when used as ingredients or component parts in manufacturing operations
  • No sales tax on sales of energy for processing or manufacturing purposes
  • No sales tax on water used exclusively in manufacturing and processing
  • No sales tax on qualified agricultural machinery and equipment
  • No sales tax on manufacturing machinery, equipment, and related services
  • Sales and use tax refunds are available on qualified air and water pollution control equipment
  • Sales and use tax refunds are available on property qualifying for certain investment incentives

The Nebraska Advantage package benefits businesses with:

  • Investment credits
  • Wage credits
  • Sales tax refund
  • Customized job training
  • State and local sales tax exemptions for purchases of manufacturing machinery, equipment and related services
  • Research and development tax credits
  • Microenterprise tax credits
  • Inventory tax exemptions

Sites & Buildings

Additionally, the GIAEDC has worked collectively with the Nebraska Department of Economic Development (NDED) to assist Grand Island businesses with other funding opportunities. With assistance from the NDED, the following Grand Island businesses have utilized the Nebraska Sites and Buildings Development Fund.

 

Contact us to learn more!

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