No. You must apply for the tax credit before the stated deadlines in the year your sale or lease took place. If your sale takes place in November or December after our deadline, we recommend applying before the sale with a purchase agreement or holding your sale until January and applying in the new year.
Everyone who wishes to receive a tax credit must apply. If the land is owned by multiple individuals, each individual asset owner must apply separately. The tax credit will be based on the percentage of the asset that each person owns. For example: If three siblings equally own and are selling a $600,000 farm, they would each receive a tax credit equal to 5% of their $200,000 share, $10,000.
If the land is owned by an entity (partnership, S. Corp, LLC, non-grantor trust), only the entity must apply.
Everyone who wishes to receive a tax credit must apply. If the land is owned by multiple individuals, each individual asset owner must apply separately. The tax credit will be based on the percentage of the asset that each person owns. For example: If three siblings equally own and are selling a $600,000 farm, they would each receive a tax credit equal to 5% of their $200,000 share, $10,000.
If the land is owned by an entity (partnership, S. Corp, LLC, non-grantor trust), only the entity must apply.
Beginning farmers must apply every year to confirm their eligibility. Asset owners must apply every year for 1-year leases and sales. If an asset owner is applying with a multi-year lease, they only need to apply every three years or sooner if the lease ends or is modified.
Yes. Funding for this program is first-come, first-served, so we encourage applicants to apply as soon as they are prepared with a purchase agreement or lease.
No. You must apply for the tax credit before the stated deadlines in the year your sale or lease took place. If your sale takes place in November or December after our deadline, we recommend applying before the sale with a purchase agreement or holding your sale until January and applying in the new year.
Everyone who wishes to receive a tax credit must apply. If the land is owned by multiple individuals, each individual asset owner must apply separately. The tax credit will be based on the percentage of the asset that each person owns. For example: If three siblings equally own and are selling a $600,000 farm, they would each receive a tax credit equal to 5% of their $200,000 share, $10,000.
If the land is owned by an entity (partnership, S. Corp, LLC, non-grantor trust), only the entity must apply.
Tax Credits
Applications
Eligibility
Yes, asset owners are eligible for the tax credit if they are selling their farm with a 1031 Exchange.
Yes, asset owners are eligible for the tax credit if they are selling their farm with a 1031 Exchange.
No. According to the state law for this program, an eligible asset owner is, “an individual, trust, or pass-through entity that is the owner in fee of agricultural land or has legal title to any other agricultural land.” A C-Corporation is not a “pass-through” entity as described in the law.