In 2017, Minnesota enacted the Beginning Farmer Tax Credit. The credit offers tax incentives to asset owners who sell or lease farm land and certain varieties of farm assets to beginning farmers. The asset owner receives a tax credit on the sale or lease amount, and the beginning farmer receives a tax credit for enrolling in a financial management program.
Similar programs are already available in Iowa and Nebraska, and this year the North Dakota legislature is considering a similar program.
If you are looking for more information on the Minnesota program, please visit the Minnesota Department of Agricultural website at www.mda.state.mn.us/bftc
Source: Minnesota Department of Agriculture