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Nebraska Ag News Headlines |
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Tax Credits Awarded for Community Betterment Projects
Nebraska Ag Connection - 05/06/2016
The Nebraska Department of Economic Development (DED) has awarded $50,000 in Community Development Assistance Act (CDAA) tax credits to the Nebraska Community Foundation to support the Eustis-Farnam Wellness Center and the Red Cloud
Valley Child Development Center.
The Nebraska Community Foundation will use $25,000 tax credits to help fund construction of the Eustis-Farnam Wellness Center. The project is a partnership between the villages of Eustis and Farnam, and the local school district. The facility will be owned
by the Village of Eustis and serve as an extension of the existing Eustis-Farnam School. The school will contribute the cost of shared locker rooms, and share the new 45'x72' wellness center that includes a walking track, exercise equipment, and an open area
for group fitness classes. Construction on the $700,000 facility is expected to begin Spring 2017.
The Nebraska Community Foundation also will use $25,000 tax credits to help fund construction of the Valley Child Development Center. Community partners include: the Red Cloud Community Foundation Fund, the city, Webster County Hospital, Cherry
Corner Estates Assisted Living Facility, the local school district, and the Willa Cather Foundation. Construction of the $1.5 million 7,300-sq.ft.facility is expected to begin Spring 2017. The project has received a $250,000 Community Development Block Grant
and nearly $1 million in collected or pledged funds from private foundations; and fundraising efforts continue seeking pledges from community members and businesses.
Created in 1985, CDAA empowers the Nebraska Department of Economic Development to distribute a 40 percent state tax credit to businesses, corporations, insurance firms, financial institutions, or individuals that make eligible contributions of cash, real
estate, and services or materials to approved community betterment projects in areas identified as economically distressed. Every dollar contributed to a project results in a $0.40 tax credit return thereby reducing an individual's or firm's state tax liability.
Projects that qualify for the tax credit program include: employment training, human and medical services, physical facility and neighborhood development services, recreational and educational activities, and crime prevention.
In FY2015-2016, $225,000 has been awarded to community betterment projects. A total of $300,000 in tax credits was allocated. These awards leave $25,000 available for the current fiscal year.
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