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Invest in Minnesota's Future: The Benefits of the Beginning Farmer Tax Credit

ARTICLE | May 08, 2023

Authored by Schlenner Wenner & Co


Are you a beginning farmer in Minnesota or an asset owner looking to support the next generation of agricultural professionals? If so, the Minnesota Beginning Farmer Tax Credit offers valuable financial incentives for both parties. This article explores the details, requirements, and deadlines for this tax credit program, designed to facilitate the transfer of farmland, equipment, livestock, and other agricultural assets to up-and-coming farmers.

The tax credit program not only benefits beginning farmers, but it also provides annual state tax credits to landlords and sellers who rent or sell their agricultural assets to these farmers. With a two-part application process and a first-come, first-served funding approach, it is crucial for both farmers and asset owners to apply early and be aware of the relevant deadlines. Click below to learn more about this valuable opportunity for Minnesota's agricultural community.

Click to read full article from the MN Department of Agriculture

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