Eligible Claimants. The Community Development Assistance Act credit may be claimed by individuals or business firms that have been granted the tax credit by the Nebraska Department of Economic Development (DED). The credit is given for contributions to projects of community betterment organizations approved by the DED. Individuals, sole proprietors, corporations, partnerships, S corporations, fiduciaries, and limited liability companies (LLCs) conducting business activities may be eligible for the credit. This includes insurance companies paying the premiums tax or financial institutions paying the deposits tax.
For additional information on the Community Development Assistance Act credit, please contact the Nebraska Department of Economic Development, Community and Rural Development Division, PO Box 94666, Lincoln, Nebraska 68509-4666; 402-471-6280; or 800-426-6505. For more information go to neded.org. Please do not contact the Nebraska Department of Revenue.
Fiscal Year Taxpayers. Credit is to be claimed on this form for contributions made during the tax year beginning in 2014. The contribution made to the community betterment organization’s approved program must qualify as a charitable contribution deduction on the individual’s or business firm’s 2014 federal income tax return, or be approved by DED.
Amended Returns. A Form CDN marked "Amended" must be attached to any amended income tax return if the credit was claimed on an original return. If the amount of the carryover was changed, amended returns must be filed for all years affected by the change.
Records. Records regarding contributions must be kept for at least three years after claiming a credit or using a carryover.