Heineman signs endowment law

Wednesday, August 3, 2005

Gov. Dave Heineman came back to his one-time home of McCook Tuesday for a ceremonial signing of the "Endow Nebraska Act."

The McCook YMCA -- which exists because of community giving -- was the site for the ceremony to promote donations to non-profit corporations in Nebraska. More than 75 people attended, including board members from the McCook and Nebraska Community Foundations.

Mark Graff, the chairman of the McCook Community Foundation, presided, introducing Gov. Heineman; State Sen. Matt Connealy of Decatur, who introduced the legislation; and Maxine Moul, a former Nebraska lieutenant governor who was one of the major promoters of the endowment legislation.

LB 28, which takes effect Jan. 1, 2006, will allow tax credits of up to $10,000 per year for planned gifts to 501(c)3 non-profit corporations. As viewed by Gov. Heineman, the Endow Nebraska Act is an economic development opportunity for Nebraska, encouraging community giving across the state.

According to the estimates from the Nebraska Community Foundation, more than $94 billion in wealth will be transferred in Nebraska over the next 50 years. Even if just a small portion of that is given back to the communities of Nebraska, the effect will be significant for the state's future, Heineman said. State Sen. Tom Baker of Trenton, a co-sponsor of the bill, said he and his family are considering the Endow Nebraska Act as they plan the distribution of his late father's estate, and he encouraged others to do so as well.

Now that the legislation has won approval, Sen. Connealy said the next challenge will be to spread word about the tax credit advantages of the endowment act.

Kathleen Thuman, chairman of the Nebraska Community Foundation, was among those in attendance. In addition to serving as chairman of the McCook Community Foundation board, Graff also serves as vice chairman of the state community foundation.

Graff said it was fitting that the ceremony took place at the YMCA, pointing out that the gifts of Ed Thomas and others were what made it possible for a community of McCook's size to have a large, well-equipped YMCA facility.

"Small towns are the backbone of Nebraska," Gov. Heineman said, expressing hope that the Endow Nebraska Act inspires increased giving to communities.

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