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Beginning Farmer Tax Credit is now available
The new law will provide tax credits for the rent or sale of farm land or a variety of farm assets to beginning farmers. To find approved Farm Business courses go to Farm Business Management or contact Keith Olander at 218-894-5163.
A Beginning Farmer is defined as:
- A Minnesota resident who is seeking entry, or has entered into farming within the last 10 years
- A farmer who will provide the majority of the labor and management of the farm that is located in Minnesota
- Has adequate experience and knowledge of the type of farming for which they seek assistance from the Rural Finance Authority
- Can provide positive projected earnings statements
- Is not directly related to the owner of the agricultural asset. This includes parents, grandparents, brothers, sisters, spouses, children, and grandchildren. Legal adoption shall be considered in full effect.
The beginning farmer will need to participate in an approved financial management program. Costs of financial management programs up to a maximum of $1,500 per year (for up to 3 years) may also be eligible for a tax credit. The financial management credit need not be tied to any agricultural asset sale or rental.