MN Tax Credits for Helping Beginning Farmers
ST. PAUL (WJON News) - The Minnesota Department of Agriculture is accepting applications for the 2024 Beginning Farmer Tax Credit.
Owners of farmland, livestock, or other agricultural assets who sell to a beginning farmer are eligible for tax credits up to $32,000.
Qualifying asset owners can include:
- Individuals
- Trusts
- Qualified pass-through entities
Renting or selling:
- Land
- Livestock
- Facilities
- Buildings
- Machinery
A beginning farmer is defined as a Minnesota resident with a desire to start farming who has been farming for less than 10 years. They must provide earning statements, have a net worth of less than $979,000, and enroll in, or have completed, an approved farm business management program.
The total funding for the program is $4 million, and credits are funded on a first-come first-served basis. Both the asset owners and beginning farmers must submit applications with lease or sale documents to be eligible for the credit and hold the place in line. If necessary, an application can be made before the sale takes place.
Full eligibility requirements can be found on the Beginning Farmer Tax Credit web page.
READ RELATED ARTICLES
- NDSU Announces Tuition Waiver for MN Students
- U of M Campus Voted Least Fashionable
- Man Charged After Incident at Minnesota Nudist Resort