Friday, April 11, 2014
Tax Credits Available For Town Restoration Projects
Did you know that the Community Development Assistance Act (CDAA) empowers the Nebraska Department of Economic Development (NDED) to distribute a 40% state tax credit to businesses, corporations, insurance firms, financial institutions, or individuals that make eligible contributions of cash, services or materials to approved community betterment projects?
And non-profit community betterment organizations -- like the Dorchester Community Foundation -- can apply to the NDED to become qualified for CDAA tax credits. Upon approval of a project, the community betterment organization can notify donors they are eligible for tax credits. The donors then submit a tax credit request form to the NDED.
Think of the potential Dorchester renovation projects you know that could benefit from this program.
Recently, the Southeast Nebraska Development District (SENDD) assisted two communities with developing and submitting CDAA applications that have been funded. The Friend Historical Society was awarded $25,000 in credits for their restoration of the Warren Opera House. Deshler residents were made eligible for credits due to their renovation of their community library.
We hope Dorchester leaders will pursue opportunities made possible by the CDAA.