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Monthly Sales Tax Fund Update

Below is an overview of the sales tax fund income for economic development as of April 2012.  Funding through this program is used to provide low-interest loans to Valley County businesses, property development, community promotion, housing, and more.

Feel free to contact the Economic Development office at (308) 728-7875 if you or your business is interested in expansion, equipment acquisition, transfer of ownership, or other qualifying activities.

 

Of the annual receipts for the 1% sales tax, only 4/10 of 1% of the City’s annual valuation can be used for economic development purposes, according to NE Statute. Any excess funds above the amount at the end of the 10-11 fiscal year will be transferred to the general fund of the City for expenditure on infrastructure, parks, community promotion and public safety purposes.

*A refund claim of $198,977.62 was approved by the Nebraska Department of Revenue for a qualified Nebraska Advantage economic development project. Nebraska Advantage, a statewide incentives program, makes available tax incentives for business development projects that meet certain employment and investment thresholds. The amount will be subtracted from monthly sales tax collections for economic development until paid in full.

 

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