Minnesota Beginning Farmer Tax Credit
Applications must be received by October 3, 2022.
A tax credit for the sale or lease of land, equipment, machinery, and livestock in Minnesota to beginning farmers is available through the Minnesota Department of Agriculture’s Rural Finance Authority. Qualifying applicants can include individuals, trusts, or qualified pass-through entities renting or selling land, livestock, facilities, buildings or machinery used for farming in Minnesota to a beginning farmer. Three levels of credits are available:
5% of the lesser of the sale price or fair market value of the agricultural asset up to a maximum of $32,000
10% of the gross rental income of each of the first, second and third years of a rental agreement, up to a maximum of $7,000 per year
15% of the cash equivalent of the gross rental income in each of the first, second or third year of a share rent agreement, up to a maximum of $10,000 per year.