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Nebraska tax incentive agreements fall in 2020
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Nebraska tax incentive agreements fall in 2020

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The coronavirus pandemic appears to have put a damper on companies seeking to expand in Nebraska.

According to the Nebraska Tax Incentives Annual Report released Thursday by the Nebraska Department of Revenue, the state signed only 42 Nebraska Advantage Act incentive agreements last year.

That was down from 69 agreements in 2019 and the lowest number since 2011, when only 15 deals were signed.

Only six of the signed agreements include Lincoln as a project location, down sharply from 21 in 2019. But the largest deal in the state, at least in terms of investment, was the $600 million proposal from XXVI Holdings, the holding company of Google parent company Alphabet, which appears to be the company behind the proposed data center in northeast Lincoln.

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The largest agreement in terms of jobs is one by Hy-Vee in Omaha, which lists 270 jobs. It's not clear if that application is for a specific project, however, as the company has not publicly announced any major expansions in the Omaha area. Hy-Vee officials could not be reached for comment.

Most of the incentive deals signed last year were small. Only nine of them proposed at least 100 jobs and only four proposed an investment of at least $100 million.

Companies that sign agreements must hit minimum levels of jobs and investment before they can receive any tax incentives.

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Reach the writer at 402-473-2647 or molberding@journalstar.com.

On Twitter @LincolnBizBuzz.

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Business reporter

Matt Olberding is a Lincoln native and University of Nebraska-Lincoln graduate who has been covering business for the Journal Star since 2005.

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