The Owner benefits by:
The Beginning Farmer benefits by:
The State of Nebraska benefits by:
An eligible owner rents an agricultural asset to an eligible beginning farmer or rancher for three
years. The owner will receive a tax credit certificate at the end of his or her tax year to be
attached to their Nebraska State Income Tax Form. If the owner doesn't owe that much state
income tax, the remainder will be sent in a check. The amount of tax credit will be based on the
amount of rent paid to the owner each year for a maximum of three years.
Application packets are available upon request. A completed packet will consist of the
applications from the beginning farmer and the owner, a copy of the rental agreement, nutrient
management and soil conservation plans, and the beginning farmer's net worth statement and
cash flow analysis. The Board of Directors will review all applications and certify eligibility.
The tax credit will be given for a cash or share crop rental agreement for production agricultural
assets, such as:
What is the Tax Credit?
The qualified owner will receive a refundable tax credit equal to 10% of the cash rent or 15%
of the share crop rent received for three years!
Examples:
Someone who . . .
Ask your friends and neighbors or use the Nebraska Beginning Farmer Connections.
This web site has a listing of Owners and Beginning Farmers to contact about their operations!
Enter your name now!!!
The State of Nebraska is concerned about the retention of young farmers who are facing many
financial problems today.
The number of farms operated by full-time farmers has dropped more than 21% and the average
age of farmers has increased from 49.4 to 52.5 years of age from 1987 to 1997. This is a trend
Nebraskans want to stop in order to keep Nebraska agriculture economically healthy.
Many farmers and ranchers have viable operations and do not have family members working
with them or taking over for them. Also, there are many part-time farmers and ranchers who lack
the opportunity to rent available land and livestock operations that will support a family.
With their "Shared Strengths," the "Future Can Be Built" to ensure success for
both.
New Changes in the Tax Credit Act to
Provide:
Shared Strengths, Build The Future, Everyone
Benefits:
How Does the Beginning Farmer Program Work?
What can the Owner Rent to Receive the Tax
Credit?
Why Should you Rent to a Beginning Farmer?
What will the Beginning Farmer Receive?
You may be an Eligible Asset Owner if you:
Who is a Beginning Farmer or Rancher?
How do you Find Someone to Work With?
Why is it Important to Help Beginning Farmers?