5/1/19 – Beginning Farmer Tax Credit (SB 478)
VIDEO: During a Senate Finance Committee meeting, Senate Agriculture & Rural Affairs Committee Chairman Elder Vogel speaks in support Senate Bill 478, the Beginning Farmer Tax Credit.
This legislation, modeled after a successful program in Minnesota, will provide a personal income tax credit for landowners who lease or sell their land, buildings and equipment to beginning farmers. The number one concern faced by new farmers is how to find affordable farmland. This legislation will provide a tangible incentive for landowners to work with beginning farmers through the lease or sale of property.
Senate Bill 478 would give landowners a one-time personal income tax credit for the sale of property, or provide a multi-year tax credit for the lease of property.