The NextGen Tax Credit Program is a program administered by the Nebraska Department of Agriculture that seeks to help beginning farmers and ranchers establish a longer-term relationship with existing farmers and ranchers.
By using a tax incentive, the NextGen program hopes to increase the odds of turning beginning farmers/rancher into established farmers/ranchers.
To qualify as a beginning farmer/rancher, you must be a resident of Nebraska for at least six months, have less than $175,000 in net worth, must have farmed/ranched for less than 10 of the last 15 years, and meet certain education/experience and labor requirements. Furthermore, the owner of the land must be an individual or business entity that is eligible to receive the tax credit.
Benefits for the beginning farmer include: a three-year lease instead of year-to-year, up to $500 tax credit reimbursement for a required financial management class, and the beginning farmer may apply for the Personal Property Tax Exemption.
Benefits for the owner include a tax credit of 10% of the value of the cash rent, or 15% of the value of the share crop rent.
For more information, please see our handout, or contact Karla Bahm at 800.446.4071 or email at firstname.lastname@example.org
To apply, please visit http://www.nextgen.nebraska.gov/