The Nebraska Unicameral enacted significant property tax relief legislation in the closing days of the 2020 legislative session. The compromise establishes a refundable state income tax credit of an estimated 6% of the property taxes paid for local schools (excluding property taxes for school bonds and school budget overrides).
In the case where there is no well-structured legal documentation of who assumes business functions when a key manager is incapacitated —which would likely include many Nebraska farms and ranches — the business owner may seek to provide business operational continuity should they become unable to do so.
The new Family Farmer Relief Act of 2019 revises the federal bankruptcy code to increase the amount of total debt a producer may have and be eligible for Chapter 12 bankruptcy protection from $4.4 million to $10 million.
The deadline for formal notification to terminate a verbal or handshake year-to-year land lease agreement is September 1. Here are some things to consider when terminating various types of land leases.