No. Based on the state law for this program, the beginning farmer must be an individual sole proprietor, not a business entity. Farmers who structure their businesses as LLCs (even single member), partnerships, etc. must apply as individuals with their own name (not the business name) listed on the lease or sale documents.
Asset owners, however, may be an individual, trust, LLC, partnership, S-Corp, or other qualified pass-through entity.
No. Based on the state law for this program, the beginning farmer must be an individual sole proprietor, not a business entity. Farmers who structure their businesses as LLCs (even single member), partnerships, etc. must apply as individuals with their own name (not the business name) listed on the lease or sale documents.
Asset owners, however, may be an individual, trust, LLC, partnership, S-Corp, or other qualified pass-through entity.
Yes. Applicants must apply in the first year of the contract. The asset owner will received a tax credit on the full sale price in the first year of the contract. Applicants must submit either a settlement statement or notarized contract for deed as documentation.
Yes. Applicants must apply in the first year of the contract. The asset owner will received a tax credit on the full sale price in the first year of the contract. Applicants must submit either a settlement statement or notarized contract for deed as documentation.
We mail tax credit certificates to approved applicants in January each year. For example: If you are approved for a tax credit in 2023, we will mail your tax credit certificate in January 2024 for the 2023 tax season.
We mail tax credit certificates to approved applicants in January each year. For example: If you are approved for a tax credit in 2023, we will mail your tax credit certificate in January 2024 for the 2023 tax season.
We mail tax credit certificates to approved applicants in January each year. For example: If you are approved for a tax credit in 2023, we will mail your tax credit certificate in January 2024 for the 2023 tax season.
This tax credit is nonrefundable, meaning it will only reduce the Minnesota state taxes you owe and will never be issued as a tax refund. However, asset owners may carry the tax credit forward for 15 years, and beginning farmers may carry the tax credit forward for 3 years. To carry a tax credit forward, you do not need to reapply and will use the same certificate number.
This is generally determined by the number of years the beginning farmer has filed farm income on their federal income taxes, Schedule F. Years filing a Schedule F while claimed as a dependent by their parents or guardian (ex. as an FFA or 4-H activity) do not count toward the 10 years, and the years do not need to be consecutive (ex. farming in 2013, 2014, 2022, and 2023 would be 4 years total).
This is generally determined by the number of years the beginning farmer has filed farm income on their federal income taxes, Schedule F. Years filing a Schedule F while claimed as a dependent by their parents or guardian (ex. as an FFA or 4-H activity) do not count toward the 10 years, and the years do not need to be consecutive (ex. farming in 2013, 2014, 2022, and 2023 would be 4 years total).
The value of the residence will be deducted from the sale price to calculate the tax credit. The value of a home can be determined by submitting a property tax statement or by providing a copy of the appraisal.