MDA Now Accepting Applications for 2024 Beginning Farmer Tax Credit

The Minnesota Department of Agriculture is accepting applications for the 2024 Beginning Farmer Tax Credit. Owners of farmland, livestock, or other agricultural assets who sell to a beginning farmer are eligible for tax credits up to $32,000. A beginning farmer is defined as a Minnesota resident with a desire to start farming who has been farming for less than 10 years. They must provide earning statements, have a net worth of less than $979,000, and enroll in, or have completed, an approved farm business management program. The total funding for the program is $4 million, and credits are funded on a first-come first-served basis.