Beginning Farmer Tax Credit available
December 5, 2018
The Minnesota Department of Agriculture is offering a tax credit for beginning farmers interested in using that money toward the sale or lease of land, equipment, machinery and livestock. The Beginning Farmer Tax Credit was started in 2018, as a way to held Minnesota residents with a desire to farm get started.
The criteria of a beginning farmer is someone who will start or begin farming within the past 10 years, provide projected earnings statements, have a net worth less than $816,800 and enroll in an approved financial management. The person applying for the credit can't be directly related to the person from which he or she is buying or renting assets.