Nebraska's Employment and Investment Growth Act (LB 775) has had some real punch in attracting new investment in the Cornhusker State since it was passed in 1995. To date over 340 projects have been announced throughout the state totaling an investment of $3.8 billion.
      The act has also created more than 28,000 new Nebraska jobs. The Act grants a variety of tax credits for businesses investments from $3 million to $20 million. The credits include refunds of sales and use taxes paid on depreciable property, a five percent tax credit on compensations paid to new or additional employees, and a personal property tax exemption on aircraft acquired for specific projects.
      Nash Finch, an Omaha food distributor, announced in January a $5 million expansion of its facility. The new expansion will allow the firm to hire an additional 30 to 40 employees.
      "We did look at other facilities, but LB 775 was the incentive that made Omaha the target site," says Jeff Poore, vice president of Nash Finch logistics and distribution. "The expansion shows our commitment to growing our Nebraska business and the Omaha division's key future role in the company's success."
      State officials also point to the decision by Wal-Mart to build a distribution center in North Platte. Economic development officials expect Wal-Mart to apply for state tax incentives for the project. The center will warehouse grocery items to be distributed to Wal-Mart's retail stores within 250 miles of the area and will employ up to 600 workers.
      "If not for these measures," notes Development Corporation of North Platte's Executive Director Richard Baier, "Wal-Mart would be taking its distribution center and jobs to another state right now. The project, once complete, will have a major impact on the city, Lincoln County and region."
      The Nebraska Legislature also passed additional incentives to encourage high-paying jobs in the Cornhusker State. The Invest Nebraska Act, LB 620, provides tax credits to withholding taxes paid by the company up to 5 percent. The benefits earned are used for employee training, education, or relocation costs.
      The relocation benefits hit the right mark with Union Pacific Railroad, which will move 600 to 700 jobs into its new headquarters building in Omaha.
      The 1.1 million sq. ft. (92,900 sq.) Union Pacific building will house 4,100 UP employees and will contain a training center, employee cafeteria and wellness center. State officials point to the new Invest Nebraska Act as the impetus for the deal.
      "I think Invest Nebraska is going to do this for a lot of places," says Speaker of the State Senate, Doug Kristensen, "but the crown jewel is the Union Pacific investment."