Beginning Farmer/Rancher Eligibility Requirements:
- Is a resident of Nebraska.
- Farmed or ranched for less than 10 of the past 15 years.
- Net worth is less than $200,000 (adjusted annually for inflation/deflation).
- Will provide the majority of the daily physical labor and management of the farm or ranch.
- Plans to farm or ranch full time.
- Has farming or ranching experience or education.
- Has participated in an approved financial management course.
- Close relatives are eligible to receive a tax credit if the parties attend a training session on succession planning and the rental asset is included in a written succession plan that meets the requirements set forth by the Beginning Farmer Tax Credit Act §77-5211(5).