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.
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.
This tax credit is nonrefundable, meaning it can only reduce what you owe in Minnesota taxes and will not be issued as a tax refund. However, the asset owner may carry their tax credit forward for 15 years, and the beginning farmer may carry their tax credit forward for 3 years.
This tax credit is nonrefundable, meaning it can only reduce what you owe in Minnesota taxes and will not be issued as a tax refund. However, the asset owner may carry their tax credit forward for 15 years, and the beginning farmer may carry their tax credit forward for 3 years.
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.
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.