Nebraska Legislative Bill 555, legislation providing greater research and development incentives for private businesses, passed May 27. The law encourages interaction between higher education and businesses to produce products that will keep Nebraska’s economy competitive.
The National Science Foundation found that Nebraska research and development investment was lower than most in the region. With passage, any business firm which makes expenditures in research and experimental activities as defined in section 174 of the Internal Revenue Code of 1986, on the campus of a college or university or at a facility owned by college or university in Nebraska shall be allowed a refundable research tax credit. The credit amount under this subdivision equals 35 percent of the federal credit. The cash credit shall be allowed for the first tax year it is claimed and for the four tax years immediately following.
“It is important to enhance and build on an innovation economy,” said Bruce Bohrer, executive vice president and general counsel for the Lincoln Chamber of Commerce.
Bohrer argues that in order to build a brighter future for Nebraska, private business must interact with university and other higher education students and faculty. In our current economic crisis, Bohrer said, businesses need to embrace partnerships.
