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.
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.
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 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.
Yes, asset owners who are not full-time Minnesota residents are eligible. However, this tax credit is only for tax liability due to the state of Minnesota.
Yes, asset owners who are not full-time Minnesota residents are eligible. However, this tax credit is only for tax liability due to the state of Minnesota.
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.