Be renting/buying as an individual ( not an LLC or other business entity).Be a Minnesota resident who is seeking entry, or has entered into farming within the last 10 years.Emerging Farmers include farmers or aspiring farmers who are women, veterans, persons with disabilities, American Indian or Alaskan Natives, members of a community of color, young (35 and younger), lesbian, gay, bisexual, transgender, queer, intersex, or asexual ( LGBTQIA+), urban (reside in cities with a population over 5,000), and any other emerging farmers as determined by the commissioner.Credits for farmland sales will be 8% of the sale price for all beginning farmers buyers and 12% if the buyer is also an emerging farmer.The new tax credit maximum for land sales is $50,000.This does not apply to leases or non-land sales (livestock, vehicles, etc.) Parents, grandparents, and siblings are now eligible for the tax credit if they sell farmland to a direct family member.The asset owner can claim credits in one of the above categories in a given tax year for each beginning farmer. The tax credit will go to the asset owner (landlord/seller) as follows:īeginning Farmer FBM tuition reimbursementĮqual to tuition paid (see details below) Both beginning farmers and asset owners must submit applications with leases and/or sale documents to hold their place in line for first-come, first-served funding. Applicants are highly encouraged to apply early in the year and may apply before sales close, if needed. Tax credits are funded in a first-come, first-served manner regardless of the deadlines below. The Minnesota Beginning Farmer Tax Credit provides annual state tax credits to landlords and sellers (asset owners) who rent or sell farmland, equipment, livestock, and other agricultural assets to beginning farmers. Applications for 2024 sales and leases will be available here in early January.
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