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. Participating in an approved Farm Business Management program is a requirement for this program. 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.
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