Beginning farmer tax credit benefits new and retiring farmers
October 21, 2021
Ask any beginning farmer or rancher about the greatest challenge to starting an operation and the most common answer is access to land and operational assets.
A program aimed at helping new producers get a head start, while giving back to farmers and ranchers ready to pass on assets, may be able to help.
Through Nebraska’s Beginning Farmer Tax Credit Act, administered as part of the NextGen program, asset owners can earn state income tax credit each year, for three years, when they rent land or agriculture assets to approved beginning farmers.
The amount of the tax credit depends on the...