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Nebraska Nebraska Community Development Assistance Act Credit Computation
Extracted from PDF file 2023-nebraska-form-cdn.pdf, last modified September 2023Nebraska Community Development Assistance Act Credit Computation
PRINT FORM RESET FORM Nebraska Community Development Assistance Act Credit Computation FORM CDN 2023 For use with the Forms noted below. Name on Return Social Security Number or Nebraska ID Number Type of Nebraska Return 1040N 1041N 1065N 1120N 1120NF 1120-SN Part A — Computation of the Credit 1 Community Development Assistance Act (CDAA) credit approved this year (see instructions) ........................... 1 2 Unused credit carried over from 2018 through 2022 (list years ).......................... 2 3 Total of your share of distributed credits from line 16 below................................................................................... 3 4 Total CDAA credit (total of lines 1, 2, and 3)........................................................................................................... 4 5 Nebraska tax liability. Enter line 17, Form 1040N; line 11, Form 1041N; line 11, Form 1120N; or line 11, Form 1120NF – whichever applies......................................................................................................... 5 6 Nebraska personal exemption credit (residents – enter line 18, Form 1040N)............ 6 7 Credit for tax paid to another state. Enter either line 19, Form 1040N; or line 12, Form 1041N................................................................................................................. 7 8 Credit for the elderly or disabled (residents – enter line 20, Form 1040N).................. 8 9 Nebraska child/dependent care nonrefundable credit (residents – enter line 23, Form 1040N)............................................................................................................... 9 10 Credit for financial institution tax. Enter line 24, Form 1040N; or the financial institution tax credit portion of line 13, Form 1041N – whichever applies...................... 10 11 Employer credit for expenses incurred for TANF (ADC) recipients, line 25, Form 1040N; line 15, Form 1041N; or line 13, Form 1120N........................................... 11 12 NE employer tax credit for employing convicted felons. Enter line 27, 1040N; line 16, Form 1041N; or line 16, Form 1120N............................................................................ 12 13 Tax after nonrefundable credits other than CDAA credit (line 5 minus the total of lines 6 through 12) (if the total is greater than line 5, see instructions)................................................................................................. 13 14 Nebraska Community Development Assistance Act credit claimed for 2023 (line 4 or line 13, whichever is less). Enter here and on line 21, Form 1040N; line 13, Form 1041N; line 14, Form 1120N; or line 12, Form 1120NF – whichever applies................................................................................................................................................... 14 15 Amount to be carried forward to 2024 (line 4 minus line 14).................................................................................. 15 Part B — For Partners, S Corporation Shareholders, Certain Fiduciary Beneficiaries, and Members of LLCs Only 16 .If any of the credit is from a partnership, S corporation, fiduciary that distributes its income currently, or LLC, enter the following information in the space provided: Name Address Nebraska ID Number Federal ID Number Share of Credit TOTAL of your share of distributed credits (enter here and on line 3 above).............................................................. Part C — For Partnerships, S Corporations, Certain Fiduciaries, and LLCs Only 17 Distribution of Community Development Assistance Act credit to partners, shareholders, beneficiaries, and members of LLCs. Attach a schedule, if necessary, listing all the required information for each partner, shareholder, beneficiary, or member. Enter the following information in the space provided: Name of each Partner, Shareholder, Beneficiary, or Member Social Security Number or Federal ID Number TOTALS Percentage Share of Income or Ownership Share of Credit 100% Attach this form to the Nebraska income tax return, financial institution tax return, or premium tax return. revenue.nebraska.gov, 800-742-7474 (NE and IA), 402-471-5729 8-420-2023 Instructions Who Must File. Any eligible claimant must file the Nebraska Community Development Assistance Act Credit Computation, Form CDN, to claim a credit or distribute the credit to its owners. When and Where to File. This computation must be completed and attached to the income or financial institution tax return filed with the Nebraska Department of Revenue (DOR) or with the premium 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 premium tax or financial institutions paying the financial institution tax. For additional information on the Community Development Assistance Act credit, please contact the Nebraska Department of Economic Development, 245 Fallbrook Blvd, Suite 002, PO Box 94666, Lincoln, Nebraska 68521-4666; or contact Darin Lubke at 402-471-3116 or [email protected]. For more information go to opportunity.nebraska.gov. Please do not contact DOR. Fiscal Year Taxpayers. Credit is to be claimed on this form for contributions made during the tax year that begins in 2023. 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 2023 federal income tax return, or be approved by DED. Amended Returns. A Form CDN marked “Amended” must be attached to any amended income tax or financial institution 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. A 2023 Amended Nebraska Financial Institution Tax Return, Form 1120XNF, must be filed if: • The financial institution’s net financial income or amount of deposits for tax year 2023 are changed by a state or federal regulatory agency; or • An error was made on the financial institution’s original Nebraska Financial Institution Tax Return, Form 1120NF, for 2023. The 2023 Form 1120XNF can only be filed after the financial institution has filed a Form 1120NF for tax year 2023. Note: An amended return claiming a refund of tax previously paid must be filed within 90 days after the date the tax was due or paid, whichever date is later; or within 90 days after receiving notification of a change in the amount of net financial income or deposits from a state or federal regulatory agency. 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 2023, but Form CDN is being completed to claim unused credit carried forward from 2018 through 2022, enter zero (-0-) on line 1. Complete lines 2 through 15 where applicable. Line 2. Enter the amount, if any, from line 14 of your 2022 Form CDN, less any unused credit remaining from 2017. 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 13. If the total of lines 6 through 12 is larger than the amount on line 5, enter zero on line 13. Line 15. Subtract line 14 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 distributed any of the credit by 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 distributed this credit. Part C. Each partnership, S corporation, fiduciary that distributes its income currently, or LLC taxed as a partnership must enter: the 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 percentage share of income or ownership of each partner, shareholder, beneficiary, or LLC member.
Form CDN
More about the Nebraska Form CDN Corporate Income Tax Tax Credit TY 2023
We last updated the Nebraska Community Development Assistance Act Credit Computation in February 2024, so this is the latest version of Form CDN, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form CDN directly from TaxFormFinder. You can print other Nebraska tax forms here.
Other Nebraska Corporate Income Tax Forms:
TaxFormFinder has an additional 34 Nebraska income tax forms that you may need, plus all federal income tax forms.
| Form Code | Form Name |
|---|---|
| Form 1041N-K-1N | Beneficiary's Share of Income, Deductions, Modifications, and Credits |
| Form CDN | Nebraska Community Development Assistance Act Credit Computation |
| Form 1041N | Nebraska Fiduciary Income Tax Return, with Schedules I, II, and III |
| Form 1120N Booklet | Corporation Income Tax Booklet - Forms and Instructions |
| Form NOL | Nebraska Net Operating Loss Worksheet |
View all 35 Nebraska Income Tax Forms
Form Sources:
Nebraska usually releases forms for the current tax year between January and April. We last updated Nebraska Form CDN from the Department of Revenue in February 2024.
Form CDN is a Nebraska Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of Nebraska Form CDN
We have a total of thirteen past-year versions of Form CDN in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
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