The Nebraska Department of Economic Development (DED) has awarded $25,000 in Community Development Assistance Act (CDAA) tax credits to the Village of Lawrence’s Community and Fitness Center Project.
Nuckolls County Foundation will use the $25,000 in tax credits to construct a 14,400 square foot building to accommodate community events. The facility will be constructed in the business district, replacing the existing American Legion Center which is in disrepair. The new facility will include a large multipurpose room that can accommodate 450 people, a catering kitchen, a modular meeting room that can be divided into three smaller meeting spaces, a fitness center, storage areas, ADA restrooms, and a covered patio. Contact Carla Kohmetscher at 402-756-7402.
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 FY2015-16, $275,000 has been previously awarded to community betterment projects. A total of $300,000 in tax credits was allocated; this award fully allocates all tax credits for the current fiscal year. There is a total of $225,000 in tax credits allocated for FY2016-17 available starting July 1, 2016. For information about the CDAA program, contact Jenny B. Mason, CDAA Coordinator, at 402-471-6280 or email@example.com.