Now it's time for business to do its part

If you're in business ... or would like to be ... you need to take the time to learn about Nebraska's new economic growth incentives. Because, no matter how small or big your business is, there's an excellent chance you can benefit from the opportunities included in LB 312 and LB 90.

In case you haven't heard, the two economic growth programs were passed overwhelmingly by the Nebraska Legislature this week, and signed into law by Gov. Dave Heineman, who declared: "These bills are about jobs. Good jobs, high-paying jobs, high-tech jobs, jobs for college and trade school graduates, jobs for community college graduates, jobs with good benefits, jobs, jobs. jobs."

Hallelujah! Nebraska's greatest need is job creation. To see this, all you need to do is drive through small towns whose business districts have been devastated by the loss of jobs ... and population.

Now, greater opportunity exists. "I see tremendous benefit from LB 312 and LB 90," said Rex Nelson, executive director of the McCook Economic Development Corp. One of the best features for this area -- in contrast to previous incentive plans -- is that several of the programs are tailored primarily for small towns and counties. An example is the micro enterprise development fund, which can be used only in counties under 15,000 population. By the way, that population category includes every county in Southwest Nebraska, including Red Willow.

Already, local and area developers see how the incentives can be used. Pawnee Aviation, a McCook-based industry, will qualify by creating two jobs and making a $125,000 investment. Also, the incentives will be a big help in developing a tire recycling plant in this area.

And, come Jan. 1, 2006, every business will benefit from the removal of sales tax on purchases of business and manufacturing equipment. Spearheaded by State Sen. Tom Baker of Trenton, the plan will result in savings estimated at $18 million per year. To show the impact, consider the sales tax savings for Valmont should the firm purchase a new $500,000 welding robot. At the states sales tax rate of 5.5 percent, after Jan. 1 that would amount to $27,500 the firm would not have to pay in sales taxes.

If you have an idea for a new business or plan to expand, it could pay you to get in touch with the Nebraska Department of Economic Development. The person to contact in this area is Tara Hosick of Curtis. She can be reached by telephone at (308) 367-8844. Not only could the call lead to benefits for your business, it also could help this area by creating additional jobs.