Section 91-1-004 - Beginning Farmer or Livestock Producer Qualifications004.01 Demonstrates a need for assistance by having a total family net worth at the time of application of not more than the amount established by § 77-5209 of the Act.004.01A The beginning farmer's or livestock producer's total family assets, valued at their fair market value, less the beginning farmer's or livestock producer's total family indebtedness, will constitute as the net worth;004.01B The current net worth statement, supported by a list of all assets and liabilities such as a detailed balance sheet, must be signed and dated (within twelve months of the application date) by the beginning farmer and a professional such as a lawyer, banker, loan officer, or an accountant, who gives his or her title and states in writing that the information appears to be accurate;004.01C The Board has the authority to request an updated net worth statement.004.02 Prior to the date of application, has operated a farm or produced livestock for less than ten years out of the past fifteen years;004.03 Is a resident of Nebraska as defined in Neb. Rev. Stat. § 77-2714.01, who intends to rent or lease agricultural assets eligible for the Beginning Farmer Tax Credit located within the state borders of Nebraska;004.04 Provides the majority of the day-to-day physical labor and management of the farm or livestock production;004.05 Demonstrates, by the judgment of the Board, adequate farming or livestock production experience, knowledge, or education, including, but not limited to one or more of the following:004.05A Experience in the day-to-day operation of a farm or ranch; or004.05B Receiving an educational certificate or degree from a two or four year agriculture based program; or004.05C Having been employed by a farm or livestock business; or004.05D Possessing other agricultural experience as explained on the application004.06 Demonstrates a profit potential shown by: 004.06A A cash flow analysis with a positive outcome which includes all farm and off farm income and expenses including any rented ground, facilities, livestock, equipment, or other assets, and family living expenses of the beginning farmer, spouse, and dependent(s). 004.06A(1) The cash flow analysis must be signed and dated (within twelve months of the application date) by the beginning farmer and a professional such as a lawyer, banker, loan officer, or an accountant, who gives his or her title and states in writing that the information appears to be accurate; and004.06A(2) The Board has the authority to request an updated cash flow analysis.004.07 Participates in a financial management program approved by the Board as defined in § 77-5203(6) of the Act; 004.07A The beginning farmer or livestock producer will provide proof of completion of an approved financial management program.004.08 Submits a nutrient management plan and a soil conservation plan.004.09 Intends to make farming or livestock production their principal source of income.004.10 The beginning farmer will not be a relative, as defined in 91 NAC 1-003.02, of the owner of agricultural assets or the owner's partner, member, shareholder, or trustee in which the beginning farmer or livestock producer is seeking to enter into a rental agreement unless the assets included in the rental agreement are included in a written succession plan that meets the qualifications in 91 NAC 1-004.10A. 004.10A 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. Such process and timetable may include conditions, benchmarks, and performance measures and must provide for a reasonable manner and probability of successful transfer; 004.10A(1) Succession plans may include but are not limited to purchase contracts, buy-sell agreements and trusts;004.10A(2) A will in itself cannot be considered as a legally binding succession plan for certification of the transfer of an agricultural asset, however, it may be part of the succession plan;004.10A(3) The succession plan shall provide for the transfer of assets to be completed within a period of no longer than thirty years, except when the asset to be transferred is land owned by an individual, the period of transfer may be for a period up to the date of death of the owner. 004.10B The owner of agricultural assets and/or beginning farmer must provide a completed Succession Plan Certification Form attesting that a written succession plan including the agricultural assets in their rental agreement exists and that the succession plan meets the requirements under § 77-5211(5) of the Act; 004.10B(1) The Succession Plan Certification Form must be signed by the owner of agricultural assets, beginning farmer, and an attorney at law, with signatures notarized. The parties may return the certification form without an attorney's signature if they provide a copy of the succession plan for review and consideration by the Board.004.11 The Board agrees not to discriminate against any applicant on the basis of race, color, religion, national origin, sex or disability.91 Neb. Admin. Code, ch. 1, § 004