Lawmakers passed a bill May 13 that clarifies the number of rental agreements beginning farmers and agricultural asset owners may make under an existing tax credit program.<\/p>\n
The Beginning Farmer Tax Credit Act, adopted in 1999, provides a personal property tax exemption of up to $100,000 and an income tax credit of up to $500 for qualified beginning farmers or livestock producers.<\/p>\n
An owner of agricultural assets\u2014such as cropland, pasture or machinery\u2014is eligible for an income tax credit on the rent of those assets to a beginning farmer or producer.<\/p>\n
Lincoln Sen. Suzanne Geist, sponsor of LB560, introduced the bill to address a Legislative Performance Audit Committee\u2019s audit of the program. <\/p>\n
It was replaced on general file with a committee amendment containing provisions of LB623, introduced by Gothenburg Sen. Matt Williams.<\/p>\n
Under those provisions, qualified beginning farmers or livestock producers and owners of agricultural assets who have participated in a three-year rental agreement are eligible to file subsequent applications for different assets. The bill clarifies that tax credits for an asset may be issued for a maximum of three years.<\/p>\n
The bill also defines a flex or variable rent agreement, in which a predetermined base rent is adjusted for actual crop yield or price.<\/p>\n
Finally, the bill clarifies that the credits issued under the act are refundable.<\/p>\n
LB560 passed on a vote of 46-0.<\/p>\n","protected":false},"excerpt":{"rendered":"
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