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Pennsylvania Supporting Beginning Farmers with Tax Credits

Pennsylvania Governor Tom Wolf announced the availability of $59 million in Beginning Farmer Tax Credits over the next decade for those who sell or rent agricultural land, livestock, equipment, buildings, or other assets to qualified beginning farmers. The Department of Community and Economic Development, in consultation with the Departments of Agriculture and Revenue, will allocate up to $5 million in tax year 2020, and up to $6 million annually through the 2030 tax year, for credits of 5% of the lesser of the sale price of fair market value of the agricultural asset, up to $32,000; or 10% of the gross rental income of the first, second, and third year of the rental agreement, up to $7,000 per year. Pennsylvania Agriculture Secretary Russell Redding noted, “With our average farmer being 59 years old, we can’t grow and thrive without attracting new leaders to feed us in the future. These tax credits will combine with PA Farm Bill investments to provide incentives to current farmers and tear down barriers faced by aspiring farmers.”