Nebraska Administrative Code
Topic - BEGINNING FARMER BOARD
Title 91 - BEGINNING FARMER BOARD
Chapter 1 - BEGINNING FARMER TAX CREDIT ACT REGULATIONS
Section 91-1-003 - Definitions
Current through September 17, 2024
The definition of terms found in the Beginning Farmer Tax Credit Act and those listed below will apply to such terms when found in these regulations.
003.01 ACT means the Beginning Farmer Tax Credit Act, Neb. Rev. Stat. §§ 77-5201 to 77-5215.
003.02 RELATIVE means an individual related by consanguinity (blood) within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree as defined in Neb. Rev. Stat. § 36-702.
003.03 RESIDENT OF THE STATE OF NEBRASKA means an individual(s) who is (are) domiciled in Nebraska or who maintains a permanent place of abode in this state and spends in the aggregate more than six months of the taxable year in this state as established in Neb. Rev. Stat. § 77-2714.01(7).
003.04 TOTAL FAMILY means the beginning farmer or livestock producer and his or her spouse and dependents.
003.05 VIABLY SIZED FARM means a farm or livestock production facility that has the potential to provide an adequate source of income to support the beginning farmer or livestock producer.
003.06 CASH RENT AGREEMENT means a rental agreement in which the principal consideration given to the owner of agricultural assets is a predetermined amount of money for the crop year. (This includes agreements that provide a base payment plus a variance in payment for abundant crops or high prices.)
003.07 THE SUCCESSION PLAN is a written plan that legally binds the parties to a process and timetable for transfer of agricultural assets to the beginning farmer.
