Nebraska is fortunate to be in a better employment and economic position than other states at this time. We can use that advantage to bounce back and compete better nationally and internationally, right now. Even more importantly, we can enhance quality-of-life for families challenged by the economic conditions of coronavirus. Now’s the time to pass the ImagiNE Nebraska Act (LB720).
No question: We must get Nebraskans back to work safely and businesses growing competitively. Economic incentives are one of the primary tools states can use to stimulate investment from the private sector –investment that will help get our economy growing at this critical time. The state’s commitment in LB720 will help jumpstart that activity.
Economic incentive agreements are public/private partnerships that have historically returned $2.02 in goods and services for $1 in incentives earned. That’s in addition to the $10.8 billion in private capital investment, 100,000 jobs and 170 communities in Nebraska that have benefited from current incentives program over the last decade.
ImagiNE Nebraska better promotes upskilling and workforce development to improve quality of life for all working Nebraskans, and those looking to relocate here. The bill requires higher wages than in the past and mandatory health insurance options. Under LB720, benefits earned by employers can be used toward workforce training, childcare and education programs, in addition to the traditional tax incentives.
LB720 is a targeted program designed to support 21st-Century economic and civic needs. It supports the growth of Nebraska’s economic bread and butter – agribusiness and manufacturing – with right-sized thresholds for small businesses, startups, entrepreneurs and rural communities. The flexibility in benefits is designed to help startups and small businesses scale up. These are exactly the high-growth sectors and good-paying jobs we should be pursuing.
Proudly, the proposed economic incentives plan continues to be a pay-for-performance program – no benefit until investments are made and jobs are created.
Our economic reboot and acceleration are dependent on our combined ability to work together for the benefit of Nebraska businesses, workers and agricultural producers. There is no more time for inaction. Now is the time for action.
Together, state and local chambers of commerce and economic development organizations are urging legislators to:
· Adopt an acceptable solution to the high property taxes that are holding our producers back in the national and global economy.
· Promote policies that keep our talented workers in Nebraska by moving as many displaced workers as possible into higher paying jobs with employer-offered healthcare coverage.
· Pass the ImagiNE Nebraska Act to inspire the private sector to invest in Nebraska.
This bill is ready to go to work for Nebraskans. Don’t let Nebraska be the only state without an incentive program just when we need it most.
Fremont Area Chamber of Commerce
Greater Omaha Chamber of Commerce
Lincoln Chamber of Commerce
Nebraska Chamber of Commerce & Industry