NextGen – Nebraska Department of Agriculture

NextGen utilizes the Beginning Farmer Tax Credit Act to help new producers get a head start in farming and ranching, while giving back to the farmers and ranchers who own agricultural assets.

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

Tax Services

  • Tax Credits

Buying or Selling a Business

  • Purchasing an Existing Business
Primary Contact
Karla Bahm
Address
PO Box 94947
Lincoln, NE 68509