A Tax Incentive to Promote Endowed Philanthropy
Nebraskans have a unique opportunity to help build permanent endowments at nonprofit organizations such as the Nebraska State Historical Society Foundation.
Senator Matt Connealy, District 16, of Decatur introduced LB 28, and twenty-one other senators cosponsored the legislation. LB 28 authorizes the development of a Nebraska charitable tax credit for irrevocable planned gifts from individuals and outright gifts by corporations to the endowments of Nebraska-based nonprofits with 501(C) (3) designation from the Internal Revenue Service. The governor signed the bill into law in June.
Connealy said he introduced LB 28 because "we simply must find a way to encourage more people to make donations to charitable organizations." He said the new Nebraska tax credit will encourage Nebraskans to think first of Nebraska nonprofits when they make their charitable giving decisions.
LB 28, Nebraska's new charitable tax credit, offers incentives to Nebraska taxpayers for their charitable giving. Beginning with the 2006 tax year on January 1, 2006, donors to permanent endowments held by the Nebraska State Historical Society Foundation and other Nebraska nonprofits will receive a state charitable tax credit.
Nebraska residents will be allowed a credit against state income taxes for irrevocable planned gifts to qualified endowments--those already in place at the Nebraska State Historical Society Foundation in support of Nebraska history or a new endowment created by the donor's gift.
The provisions of the bill include:
a maximum annual credit of $10,000 for individual Nebraska taxpayers and for corporations doing business in Nebraska and paying state corporate taxes.
a 30 percent credit for the present value of irrevocable planned gifts from individuals.
a 20 percent credit for outright gifts from corporations.
a sunset on January 1, 2010.
Types of irrevocable planned gifts that donors can use include charitable gift annuities and deferred gift annuities, life estate agreements, paid-up life insurance policies, pooled income fund trusts, charitable lead unitrusts and annuity trusts, and charitable remainder unitrusts and annuity trusts.
Contact Jackie McCullough at the Nebraska State Historical Society Foundation, 888-515-3535, for more information on how your gifts can help the Foundation do more to preserve and share the great stories of Nebraska. Please consult your financial advisor or legal advisor for more information on how your gift to the Nebraska State Historical Society Foundation can qualify for the Nebraska Charitable Income Tax Credit and reduce your tax liability.
Your Gift to the Paintings Conservation Endowment
Could Qualify for the LB 28 Tax Incentive
A gift in support of the Nebraska State Historical Society Foundation's Paintings Conservation Endowment could qualify for the tax credit as allowed by LB 28.
If you make your irrevocable planned gift after January 1, 2006, to the Nebraska State Historical Society Foundation and designate the gift toward the Paintings Conservation Endowment, that gift could qualify for up to a $10,000 credit against your state income tax.
There are no professional painting conservators in Nebraska. Or in Wyoming, North Dakota, South Dakota, Kansas, Iowa, Nevada, Utah, Montana, and Oklahoma. Significant private collections and public cultural resources in Nebraska have NO local professional conservation care. Often, paintings curators and collectors are reluctant to send their pieces of art out of the region for conservation because of the great risk to the art and the great expense. So as a result, these paintings receive no care. The directors of the Joslyn Art Museum, the Sheldon Art Gallery, and the Museum of Nebraska Art strongly support the efforts to create a paintings conservation laboratory in Nebraska.
We have initiated a campaign for a $2.2 million endowment to establish the Paintings Conservation Laboratory. The National Endowment for the Humanities awarded the Nebraska State Historical Society Foundation a $550,000, one to three Challenge Grant in support of the paintings laboratory endowment for the Ford Center.
Your irrevocable planned gift will help us match the NEH Challenge Grant and establish the paintings conservation endowment to provide permanent support for the laboratory and provide you with a state tax credit.
For more information on how you can help meet the NEH Challenge Grant and support the Paintings Conservation Endowment, contact Jackie McCullough, 888-515-3535.
Douglas Theatre Company Sponsors Film Series
The Douglas Theatre Company has generously provided the sponsorship for the 2006 film series at the Nebraska State Historical Society's Museum of Nebraska History.
This year's film series showcases documentary films featuring Nebraska or Nebraskans. The documentary topics include Johnny Carson, photographer Solomon Butcher, the North Platte Canteen, Omaha Senator Ernie Chambers, the Trans-Mississippi Exposition, a Ken Burns documentary on a 1903 road trip, and William Jennings Bryan and Clarence Darrow debating the teaching of evolution. Additional information about the films featured in this year's series is provided in this newsletter.
The Douglas Theatre Company has been a valuable partner with the Nebraska State Historical Society Foundation and the Nebraska State Historical Society for nearly ten years. Their generous sponsorship helps provide funding to acquire rights to film properties. With their sponsorship, there is no cost to attend the films at the museum. Our thanks to the Douglas Theatre Company for their continued support.
We hope to see you on January 22, 2006, for the first film in the series, Johnny Goes Home, the 1982 documentary of Johnny Carson's nostalgic return to his hometown of Norfolk.
The Nebraska State Historical Society Foundation Scholarship Committee has announced the Nebraskans of World War II Scholarship program will offer up to seven $1,000 scholarships to outstanding seniors from the communities of Alda, Broken Bow, Brule, Central City, Cozad, Nelson, Gothenburg, Kearney, Lincoln, Madison, Mitchell, Ravenna, Minden, North Bend, Omaha, Palisade, and Potter. Those communities were home to the twenty-three sailors entombed aboard the USS Arizona. Applications are due January 13, 2006, and are available at each community's high school or by contacting the Foundation office.
Jackie McCullough, Executive Director
Nebraska State Historical Society Foundation
Kinman-Oldfield Suite 1010
128 North 13th Street
Lincoln, NE 68508-1565
Toll Free: 888-515-3535
2005-06 Foundation Board of Directors
Allison D. Petersen, Walton, President
Steven E. Guenzel, Lincoln, Executive Vice President
Jack D. Campbell, Lincoln, Vice President
C. John Guenzel, Lincoln, Treasurer
Joanne F. Shephard, Valentine, Secretary
James C. Creigh, Omaha
Bruce M. Frasier, Omaha
Dr. James W. Hewitt, Lincoln
Dr. F. William Karrer, Omaha
JoAnne D. Kissel, Lincoln
Carol F. Maddux, Wauneta
Dr. Martin A. Massengale, Lincoln
John D. Massey, Scottsbluff
George H. Moyer, Jr., Madison
James F. Nissen, Lincoln
David H. Oldfather, Kearney
Julie M. Schroeder, Waterloo
Andrew D. Strotman, Lincoln
John W. Webster, Omaha
Dr. John R. Wunder, Lincoln
Patricia Phillips, Omaha, NSHS President, Ex-officio
Peter Bleed, Lincoln, NSHS Treasurer, Ex-officio
November / December 2005 Issue
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