Applications under the Renewable Chemicals Production Tax Credit Act currently open

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On March 1, 2022, Renewable Chemical Production Tax Credit Act (RCPTCA) applications opened for companies located in Nebraska that produce renewable chemicals. Under the RCPTCA, an eligible business can be certified to earn up to $1.5 million in refundable tax credits per year. There are $1.5 million remaining in tax credits for calendar year 2022.

For businesses to be eligible to receive renewable chemical production tax credits, a business must first apply to the Nebraska Department of Economic Development (DED) to be certified as an eligible business. To be certified as a qualifying business, the applicant must: (i) produce at least one million pounds of renewable chemicals in Nebraska during the calendar year for which tax credits are being claimed, (ii) be physically located in Nebraska, (iii) have organized, expanded, or located in Nebraska on or after January 1, 2021, and (iv) comply with all agreements entered into under the RCPTCA and any other tax credit or program administered by the DED or the Nebraska Department of Revenue.

The DED can certify up to $3 million in tax credits per calendar year for 2022 and 2023 and up to $6 million in tax credits per calendar year for 2024 and beyond.

For more information on the RCPTCA or to apply, please visit our website HERE. If you have any questions, please contact Ethan Bell at [email protected]

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