Form Cdn - Nebraska Community Development Assistance Act Credit Computation - 2014 Page 2
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1
2Instructions
Who Must File. Any eligible claimant must file the Nebraska Community Development Assistance Act Credit Computation,
Form CDN, to claim a credit.
When and Where to File. This computation must be completed and attached to the income or deposits tax return filed with
the Nebraska Department of Revenue (Department) or with the premiums tax return filed with the Nebraska Department of
Insurance.
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
.
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.
Specific Instructions
Part A. All claimants must complete lines 1 through 4 of Part A. An individual, corporation, fiduciary that does not distribute
its income currently, or an LLC that is taxed as a corporation, must also complete the remainder of Part A.
Line 1. Enter the amount of the tax credit approved by DED. If no credit was granted in 2014, but Form CDN is being
completed to claim unused credit carried forward from 2009 through 2013, enter zero (-0-) on line 1. Complete lines 2
through 13 where applicable.
Line 2. Enter the amount, if any, from line 13 of your 2013 Form CDN, less any unused credit from 2008. Partnerships,
S corporations, fiduciaries that distribute income currently, and LLCs taxed as partnerships, must also distribute all credits
currently, and therefore must enter zero (-0-).
Line 11. If the total of lines 6 through 10b is larger than the amount on line 5, these credit amounts must be recomputed.
Refer to the appropriate instructions for individuals claiming this credit on Form 1040N.
Line 13. Subtract line 12 from line 4. Any unused credit may be carried forward for the next five years after the credit was
first granted.
Part B. If you are a partner, shareholder, beneficiary, or member of an LLC, who was allowed any of the credit of a
partnership, S corporation, fiduciary that distributes its income currently, or LLC, list: the name; address; Nebraska ID
number; federal ID number; and your share of the credits from each entity which was allowed this credit.
Part C. Each partnership, S corporation, fiduciary that distributes its income currently, or LLC taxed as a partnership must
enter: name; federal ID number or Social Security number; share of income or ownership; and share of the credit for each
partner, shareholder, beneficiary, or member. The share of the credit is determined by multiplying the amount on line 4 by
the share of income ownership of each partner, shareholder, beneficiary, or LLC member.
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