The Nebraska Department of Economic Development (DED) has awarded an additional $25,000 in Community Development Assistance Act (CDAA) tax credits to the Nebraska Community Foundation’s Pender Community Center Project. This award was made in addition to the $25,000 in tax credits awarded in May 2015.
More than $500,000 tax credits awarded during last two years
The Nebraska Community Foundation will use the tax credits to help fund construction of the Pender Community Center. The new Center came to fruition through broad-based, community-wide outreach that included input from more than 300 individuals, families, and businesses owners. Significant local and financial support has provided $4.5 million in pledges and contributions to date. The community recently demolished the old facility and construction on the $6.8 million Community Center is expected to begin in May 2016. The new facility will provide 6,000 square feet of event space, a full kitchen, a 10,000–square-foot multi-purpose room, a wellness center and walking track, city offices, meeting space, and a child care center.
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 the past two years, the Department has awarded more than $500,000 in CDAA tax credits to community betterment organizations throughout Nebraska in the communities of Ainsworth, Broken Bow, Chadron, Elgin, Fairbury, Firth, Friend, Hickman, Kearney, Lincoln, Pender, Plainview, and in Gage County.