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06-06-2013 Nebraska Wind Energy Tax Incentive Bill Signed into Law

On Tuesday, June 4, Nebraska Governor Dave Heineman signed LB 104, a bill designed to stimulate wind energy production in Nebraska by offering sales tax breaks under the Nebraska Advantage Act to companies that invest at least $20 million in a renewable energy project. Introduced by Omaha Senator Steve Lathrop, the bill is intended to remove a barrier to the development and export of wind energy in Nebraska by providing a sales tax exemption for the purchase of turbines, towers, and other wind farm equipment. Similar sales tax breaks are already offered in neighboring states such as Iowa, Kansas, and Oklahoma, all of which have thus far outpaced Nebraska in wind energy development.

Supporters of the bill said the state needed to act immediately to develop its wind resources because federal production tax credits are set to expire at the end of the year. Combined with the sales tax breaks in the bill, proponents are hopeful the bill will lead to a wind energy boom in Nebraska. Currently, Nebraska has the fourth-best wind resources in the country, but ranks 26th out of the 39 states that generate wind energy.

Fraser Stryker is a leader in renewable energy law. The Firm represents clients in a variety of renewable energy projects, including wind energy developments, geothermal projects, biofuels, nuclear, waste-to-energy projects, and power purchase agreements (PPAs). The Firm was involved in the drafting of Nebraska's Community-Based Energy De­velopment (C-BED) legislation and has represented utilities, developers, lenders, and landowners in a variety of renewable energy projects and transactions. For more information, please contact one of the members of the Firm's Renewable Energy Practice Group:

Stephen M. Bruckner
402-978-5225
sbruckner@fraserstryker.com

Mark L. Brasee
402-978-5306
mbrasee@fraserstryker.com

Thomas F. Flaherty
402-978-5219
tflaherty@fraserstryker.com

Troy F. Meyerson
402-978-5347
tmeyerson@fraserstryker.com

Robert W. Rieke
402-978-5232
rrieke@fraserstryker.com

Russell A. Westerhold
402-978-5339
rwesterhold@fraserstryker.com

Paul J. Halbur
402-978-5342
phalbur@fraserstryker.com

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This article is provided by Fraser Stryker for general informational purposes and is not intended to be and should not be construed as legal advice on any specific facts or circumstances.

Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any matters addressed herein.