LB 983 will not be addressed by the Nebraska Legislature in 2008.  After more than 90 minutes of debate on April 1, it was bracketed until the final day of the session.  That means it will now need to wait until the 2009 Legislature.  The sunset for the current law is January 1, 2010.  LB 983 would have increased the tax credits available to Nebraska taxpayers who contribute to the permanent endowments of Nebraska's nonprofits.  It was introduced in the 2008 Legislature by Senator Abbie Cornett of Bellevue and Senator Dave Pankonin of Louisville made it his priority bill.   For the full text of the introduced bill, go to http://uniweb.legislature.ne.gov/QS/session.php and enter LB 983. For information on the provisions of LB 983, Click here.

The Omaha World-Herald published an op ed column on March 29 on LB 983.  Click here  to see the column by EndowNebraska co-chairs Barbara Bartle and Michael Geis.  The Norfolk Daily News endorsed LB 983, in a March 18, 2008 editorial.  Click here to read the endorsement.  For quotes from donors on why they used the Charitable Tax Credit in 2006, click here.

Build a brighter future for our state...and enjoy a substantial tax benefit. The Nebraska Charitable Tax Credit lets you take up to a $5,000 state tax credit - per year - for planned gifts to the permanent endowment funds of qualifying Nebraska nonprofits! The bill authorizes  a Nebraska Charitable Tax Credit for gifts to the permanent endowments of Nebraska incorporated or established organizations with 501(c) (3) designation from the Internal Revenue Service. The provisions of the bill became effective January 1, 2006.

Highlights of the new law are:

• a maximum annual credit of $5,000 for individual Nebraska taxpayers and corporations doing business in Nebraska and paying state corporate taxes
• a 15 percent credit for the Federal contribution value of the irrevocable planned gifts from individuals
• a 10 percent credit for outright gifts from corporations

This opportunity is open to both individuals and businesses! But it's important to take advantage of the opportunity soon because the program is scheduled to terminate at the end of the 2009 tax year.  On this site you'll find examples of how certain gifts can affect your taxes and answers to many commonly asked questions.  There are tools for nonprofit organizations and financial advisors, including downloadable brochures to promote the Nebraska Charitable Tax Credit and radio and print media ads suitable for public service announcements and paid advertisements.

Current Statutes and Legislation

To review the current Nebraska Statutes for the Nebraska Charitable Tax Credit, click here.  The Credit was established by Legislative Bill 28, passed in 2005.  Legislative Bill 1010 was signed into law by Governor Dave Heineman on April 12, 2006.  It modified the charitable tax credit provided by LB 28.  The Nebraska Charitable Tax Credit is currently scheduled to sunset on January 1, 2010, thus terminating with the 2009 tax year.