The Latest: Nebraska senator wants to expand farm tax credit
LINCOLN, Neb. (AP) – The Latest on the first day of the Nebraska Legislature’s 2018 session (all times local):
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.