Asset Owner Eligibility Requirements:
- An asset owner must be an individual(s) or a trustee, a partnership, corporation, limited liability company, or other business entity having an ownership interest in an agricultural asset located within the state of Nebraska, who is eligible to receive a Nebraska tax credit.
- Must rent to a beginning farmer/rancher who meets the eligibility requirements.
- Must be willing to enter into a minimum of a three-year lease with the eligible beginning farmer/rancher.
- Agricultural assets include the following examples:
- Farm equipment & machinery
- Grain storage
- Irrigation equipment
- Livestock facilities
- 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).