Minnesota has recently enacted two new credits for farmers, the Beginning Farmer Incentive Credit and the Beginning Farmer Management Credit.
The Beginning Farmer Incentive Credit offers a non-refundable credit to taxpayers who rent or sell their agricultural assets to beginning farmers. The credit is available starting in tax year 2018. The amount of the credit depends on the fair market value of the assets sold and the gross rental income of assets rented. The credit can only be claimed after approval by the Rural Finance Authority. For more information visit http://www.revenue.state.mn.us/individuals/individ_income/Pages/BeginningFarmerIncentiveCredit.aspx
The Beginning Farmer Management Credit offers a non-refundable credit to beginning farmers who participate in a financial management program. The credit is available starting in 2018. It is 100%, up to $1,500, of what is paid to a program that is approved by the Rural Finance Authority. For more information visit http://www.revenue.state.mn.us/individuals/individ_income/Pages/BeginningFarmerManagementCredit.aspx
