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Nebraska senator wants to expand farm tax credit

Nebraska senator wants to expand farm tax credit
RRN/Fillmore County Soybean field

LINCOLN, Neb. (AP) – Nebraska farmland owners who rent their property out to a veteran could get a bigger tax credit under a bill introduced in the Legislature.

Sen. Carol Blood of Bellevue introduced legislation Wednesday that would expand the state’s beginning farmer tax credit program. The current program allows a 10 percent tax credit on cash rent or a 15 percent credit on the value of a share crop for property owners who rent to a beginning farmer.

Blood’s bill would expand the incentive to 11 percent and 16 percent respectively if the property is rented to a beginning farmer who is also a veteran.

Blood represents a veteran-heavy district near Offutt Air Force Base. The measure has won support from the Center for Rural Affairs, a farm and small town advocacy group.

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