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Producers should apply for livestock incentive fundsNebraska Beginning Jan. 1, 2007, Nebraska livestock producers are eligible to receive tax incentives for livestock facility modernization and expansion under the Nebraska Advantage Rural Development Act. The new incentives result from the recent passage of LB 990, a Nebraska Cattlemen priority bill that was signed into law by Gov. Dave Heineman. Producers can qualify for incentives under one of the two new programs offered. However, in one of the programs, they will compete with other businesses for a total of $3 million to be awarded on a first-come, first-served basis. To apply for either program, livestock producers must submit an application to the Nebraska Department of Revenue. Under the first program, if a livestock producer invests at least $125,000 and creates two new full-time jobs, the individual will qualify for a $3,000 per-employee refundable tax credit and a $2,750 refundable credit for each $50,000 invested. Or, a producer can quality for a refundable tax credit equal to 10 percent of each $50,000 invested, up to a maximum of $30,000 per application. Funds will be awarded to qualifying businesses on a first-come, first-served basis, so livestock producers will want to begin thinking now about applying. For more information, contact Mary Hugo of the Tax Incentive Division of the Nebraska Department of Revenue, 402/471-5790. Application forms are not yet available. "The funds are part of the economic stimulus package designed to assure livestock production here remains strong," said Duane Gangwish, Nebraska Cattlemen vice president for legislative affairs and technical services. "The funds provide significant opportunities for investment in the livestock industry in Nebraska. What is good for producers is good for all of Nebraska," he said. The Nebraska Cattlemen Association serves as the spokesman for the state's beef cattle industry and represents professional cattle breeders, ranchers and feeders, as well as 46 county and local cattlemen's associations. Its headquarters are in Lincoln and second office in Alliance serves cattlemen in western Nebraska. This and other Nebraska Cattlemen information is available at www.nebraskacattlemen.org. Date: 5/24/06
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