Section 91-1-007 - Tax Credits007.01 A tax credit may be granted to the owner of agricultural assets each year for a period of up to three years;007.01A Each agricultural asset will not be eligible as part of the Act more than three years, except as allowed in 91 NAC 1-007.02;007.01B An owner of agricultural assets may receive a tax credit on more than one lease with different parties or with the same party during the same three-year period;007.01C An agricultural asset may receive tax credits from one to three years while being owned by one owner except as allowed in 91 NAC 1-007.02; and007.01D A qualified beginning farmer or livestock producer may be eligible to rent or lease more than one agricultural asset from one or more qualified owners of agricultural assets.007.02 An owner of agricultural assets or qualified beginning farmer or livestock producer may terminate such agreement according to the terms of said contractual agreement or for reasonable cause. The agricultural owner's tax credit shall be affected as follows:007.02A The owner of the agricultural asset shall not be eligible for further credits on that particular asset unless the rental agreement is terminated prior to the end of the three year period through no fault of the owner of agricultural assets;007.02B If the Board finds that such a termination was not the fault of the owner of agricultural assets, they may approve the owner for credits arising from a subsequent qualifying rental agreement with a different qualified beginning farmer or livestock producer;007.02C If an agreement is terminated without fault on the part of the owner of agricultural assets as determined by the Board, the tax credit shall not be retroactively disallowed;007.02D If an agreement is terminated with fault on the part of the owner of agricultural assets as determined by the Board, any prior tax credits claimed by such owner shall be disallowed and recaptured and shall be immediately due and payable to the State of Nebraska;007.02E If an agreement is terminated without fault on the part of the beginning farmer as determined by the Board, the beginning farmer who is eligible may rent or lease additional agricultural assets from the same or other eligible owners of agricultural assets as part of the tax credit program; or007.02F Should an agricultural asset be sold during the 3 year term or thereafter, the new owner and the rental agreement must qualify under the act in order for the tax credit to apply.007.03 Allowable tax credits shall be distributed in the same manner as income is distributed to the partners, members, shareholders, or beneficiaries of a partnership, a corporation, an estate, or trust.91 Neb. Admin. Code, ch. 1, § 007