(Grand Island Independent) -- The future of agriculture was on the mind of Gov. Dave Heineman at Husker Harvest Days on Wednesday in Grand Island. One of the many activities on Heineman's agenda at Husker Harvest Days was promoting new opportunities for Nebraska's Beginning Farmers Program. Heineman said the Agriculture Census in 1978 found the average age of state farmers was 49 years old. In 2002, the age rose to 54. Heineman signed a law in April that removes several eligibility restrictions within the Beginning Farmer Tax Credit Program. The new ag property tax exemption allows qualified beginning farmers to claim an exemption on up to $100,000 of personal property used in production agriculture. The exemption can be claimed for three years. To apply for the Beginning Farmer program or get more information, contact the Nebraska Department of Agriculture by calling (800) 753-9396 or by visiting http://www.agr.ne.gov/.
New in 2008
Personal Property Tax Exemption
And Other Changes
Beginning Farmer may receive Personal Property Tax Exemption:
· Up to $100,000 of valuation for agricultural machinery.
· Each year for three years.
· Apply for eligibility certificate from the Beginning Farmer Program.
· Make initial application to county assessor by December 31st of the year preceding the year for which exemptions are sought.
· The County Assessor shall approve or deny the application for exemption and notify the applicant on or before February 1.
Expanded Owner’s Eligibility for the Beginning Farmer Tax Credit Act:
· To include individual or business entity which has an ownership interest in an agricultural asset located in the State of Nebraska.
· To include asset owners and beginning farmers who are related and have developed an approved succession plan.
Personal Property Tax Exemption
And Other Changes
Beginning Farmer may receive Personal Property Tax Exemption:
· Up to $100,000 of valuation for agricultural machinery.
· Each year for three years.
· Apply for eligibility certificate from the Beginning Farmer Program.
· Make initial application to county assessor by December 31st of the year preceding the year for which exemptions are sought.
· The County Assessor shall approve or deny the application for exemption and notify the applicant on or before February 1.
Expanded Owner’s Eligibility for the Beginning Farmer Tax Credit Act:
· To include individual or business entity which has an ownership interest in an agricultural asset located in the State of Nebraska.
· To include asset owners and beginning farmers who are related and have developed an approved succession plan.
