Every taxpayer must complete Nebraska Employment and Investment Computation, Form 3800N, in order to claim or use the credits allowed by the Employment Expansion and Investment Incentive Act and by the Employment and Investment Growth Act. This form must be used by taxpayers claiming credits in tax year 1998 and after.

Every taxpayer who qualifies for credits under the Employment Expansion and Investment Incentive Act is required to file Form 3800N for the two years after the year in which the credit was earned.

All claimants must retain records for at least three years after the filing of the return claiming the credit. If the taxpayer will be utilizing the carry-forward period to claim the credit calculated, the records supporting the original credit must be kept for a period of at least three years after the return is filed in which the credit carry-forward is used.

A taxpayer is required to maintain the levels of employment and investment that created the credit for at least two years after the year in which the credit was allowed. If a taxpayer fails to maintain the required levels of employment and investment, the taxpayer will be subject to certain recapture provisions.

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