LINCOLN, NEB. (January 22, 2007)—One year ago, the Nebraska Advantage Act went into effect and has already set the stage for Nebraska’s future.

In January 2006, businesses began applying for the new Nebraska Advantage Act, which emphasized capital investment and the creation of jobs and innovation, and provided training for workers to seamlessly move into those jobs. The Nebraska Advantage’s five-tier system, two rural levels, and job training program led to the combined total (minus overlap of projects) of $3.5 billion in investment and more than 15,000 jobs.

“The Nebraska Advantage package has made a competitive difference in our economic landscape. Businesses are using the Advantage credits, and investing in our communities and people. The jobs and investment that this package has helped create impacts Nebraska’s rural and urban, small and large businesses alike,” said Richard Baier, director of the Nebraska Department of Economic Development. “We have many great things to offer businesses – a business-friendly climate, central location, first-class infrastructure, speed to markets, unmatched work ethic, high ranking quality of life, lower overall cost of living, 100% public power system, and exceptional educational system, to name a few, and the Nebraska Advantage package further enhances our competitive advantage.”

By December 31, 2006, 89 applications with a potential $3.46 billion investment and 8,938 jobs were submitted under the investment tax and/or wage credits five-tier benefit sections of the Nebraska Advantage Act.

The 89 applications were categorized as follows: 21 Biotechnology projects, $2.21 billion investment and 1,390 jobs; 34 Manufacturing/Processing projects, $282.8 million investment and 1,713 jobs; 11 Financial Services projects, $121.1 million investment and 3,403 jobs; and 23 Telecommunications/Other Services projects, $841.1 million investment and 2,432 jobs.

Forty-six projects were located in the Omaha MSA, 13 in the Lincoln MSA, and 30 throughout Greater Nebraska.

Seventeen project applications were submitted under the Nebraska Rural Advantage’s two levels of investment and job creation ($125,000 investment and two new jobs, or $250,000 investment and five new jobs), with a potential $20.09 million in investment and 127 jobs.

With $15 million available July 1, 2005, the Job Training Advantage has committed $14.44 million for 85 projects that will create 9,187 jobs.

The Microenterprise Advantage received 456 applications, requesting more dollars than were available.

The Nebraska Advantage package also benefits businesses with:

State and local sales tax exemptions of manufacturing machinery, equipment, and related services
Research and development refundable tax credits equal to 3% of research and development expenditures
Inventory tax exemptions

For information on the Nebraska Advantage, visit www.NebraskaAdvantage.biz, or call 402-471-3747.

Individuals who are hearing and/or speech impaired and have a TDD, may contact the department through the Statewide Relay System by calling one of the following numbers:
711, (800) 833- 7352 (TDD), or (800) 833-0920 (voice).
The relay operator should be asked to call DED at (800) 426-6505, or (402) 471-3111.