Beginning Farmer Tax Credit extension introduced by Minnesota House Ag Committee chair
The chair of the Minnesota House Agriculture Policy and Finance Committee has introduced a bill to extend the Beginning Farmer Tax Credit.
Democrat Samantha Vang says the legislation also makes family members eligible, increases the credit from five percent to eight percent, and gives more access to socially disadvantaged farmers.
“This tax credit has helped over 1,000 new farmers and is pretty popular across the state. Minnesota was among the first in the nation to pass a tax credit like this, so I’m happy to champion this bill for the next generation of farmers.”
She tells Brownfield the bill is on its way to the taxes committee.
“And that’s the only committee stop it needs to make.”
The Beginning Farmer Tax Credit provides annual state tax credits to landlords and sellers who rent or sell farmland, equipment, livestock, and other ag assets to beginning farmers.