NextGen – Nebraska Department of Agriculture
About
Beginning Farmer/Rancher Benefits:
-
Increase their chance to rent agricultural assets.
-
Sign a minimum of a three-year lease agreement on a farm or ranch.
-
Forge a relationship with an asset owner for potential long term arrangement.
-
The beginning farmer may be a relative if the parties meet the succession plan requirements.
-
Qualify for the Personal Property Tax Exemption (PPTE).
-
Attend a financial management class and be reimbursed for the cost.
-
A qualified beginning farmer/rancher may receive a one-time state income tax credit for the actual cost of participation in an approved financial management program incurred during the tax year for which the credit is claimed, up to a maximum of $500.
-
Asset Owner Benefits:
-
Receive a refundable Nebraska income tax credit each year for a minimum of a three-year lease you have with an eligible beginning farmer/rancher.
-
The beginning farmer may be a relative if the parties meet the succession plan requirements.
-
An asset owner will receive a refundable tax credit equal to 10% of the cash rent or 15% of the value of the share crop rent received each year for three years.
-
Rent to a beginning farmer or rancher to increase retirement options.
-
Ensure the farm or ranch will continue in operation.
-
Paying it forward – did someone help you get started?
-
Cultivate your legacy.
Services Provided
Financial Resources and Assistance
- Tax Credits (Specialty)
Tax Services
- Tax Credits (Specialty)
Buying or Selling a Business
- Purchasing an Existing Business
Are you Karla Bahm? Update your profile
Send Yourself a Magic Link
Enter the email address associated with your profile (*****@nebraska.gov) and we'll send you a link by email that will sign you in instantly!