Is a $5000.00 Nebraska State Income Tax Credit YOURS?
The City of Omaha moved to designate specific areas as "Extremely Blighted," in response to a bill recently passed by the Nebraska State Legislature (LB86). The purpose of the designation is to provide a state income tax credit for anyone purchasing a home for their own primary residence within an area that has the Extremely Blighted designation. Extremely blighted areas are areas that have already qualified and been designated as Community Redevelopment Areas (CRA).
According to the law, 'extremely blighted' areas had to meet two criteria:
- Unemployment rate that is 200% of the state average
- Average poverty rate exceeding 20%
The new designation, Extremely Blighted," was approved by the state legislature earlier this year, and it allows people who buy homes in these areas to use as their primary residence, to receive a state income tax credit up to $5,000.
If you purchased you PRIMARY RESIDENCE home in the green araes and again, it is your PRIMARY RESIDENCE. Click here for the FORM 1040N-EB.