Holdrege Area Public Library • 604 East Avenue, Holdrege, NE 68949 • (308) 995-6556

Gifts and Bequests

Cornerstone of Education & Enrichment

The Holdrege Area Public Library in Holdrege and Phelps County has been in existence since 1895 as a cornerstone of education and enrichment for the residents of Phelps County. The library has a fund in the Phelps County Community Foundation that is a 501(c)(3) fund, available for citizens to contribute to the ongoing support of the library and its programs.

Mission Statement

The purpose of this Fund is to provide ancillary resources to maintain the Library and its services. The Foundation also provides an opportunity for scientific, cultural and educational awareness and appreciation through many activities. It is expected that the Foundation will become the keystone for the continued growth of the Library.

New Charitable Tax Credit Available

LB 28 authorizes the development of a Nebraska charitable tax credit for irrevocable planned gifts and outright gifts to the endowments of Nebraska-based non-profits with 501(C) (3) designation from the Internal Revenue Service.   

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 non-profits when they make their charitable giving decisions.

The legislation has been supported by EndowNebraska, a consortium of Nebraska based foundations and non-profit organizations.  Approximately 130 Nebraska organizations and non-profits have formally endorsed the initiative.  The consortium’s long-term goals are to increase awareness among all Nebraskans about the potential benefits of philanthropic contributions to Nebraska’s non-profit sector, its communities, and to individual and corporate taxpayers, and to increase levels of charitable giving statewide.

Provisions of the Nebraska credit, which would be effective January 1, 2006, include:

  • a maximum annual credit of $10,000 for individual Nebraska taxpayers and 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.