Nebraska Statutes 77-2502. Terms, defined
For purposes of the Affordable Housing Tax Credit Act:
Terms Used In Nebraska Statutes 77-2502
- Company: shall include any corporation, partnership, limited liability company, joint-stock company, joint venture, or association. See Nebraska Statutes 49-801
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Person: shall include bodies politic and corporate, societies, communities, the public generally, individuals, partnerships, limited liability companies, joint-stock companies, and associations. See Nebraska Statutes 49-801
- Year: shall mean calendar year. See Nebraska Statutes 49-801
(1) Allocation year means the year for which the authority awards Nebraska affordable housing tax credits pursuant to the act;
(2) Authority means the Nebraska Investment Finance Authority;
(3) Eligibility statement means a statement authorized and issued by the authority certifying that a given project is a qualified project that qualifies for Nebraska affordable housing tax credits;
(4) Federal low-income housing tax credit means the federal tax credit provided in section 42 of the Internal Revenue Code of 1986, as amended;
(5) Nebraska affordable housing tax credit means the nonrefundable tax credit authorized in section 77-2503 ;
(6) Qualified project means a qualified low-income building or buildings, as that term is defined in section 42 of the Internal Revenue Code of 1986, as amended;
(7) Qualified taxpayer means a taxpayer owning an interest, direct or indirect, in a qualified project; and
(8) Taxpayer means a person, firm, corporation, or other business entity subject to the income tax imposed by section 77-2715 or 77-2734.02, an insurance company subject to premium and related retaliatory tax liability imposed by section 44-150, 77-908, or 81-523, or a financial institution subject to the franchise tax imposed by sections 77-3801 to 77-3807.