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Committee advances two bills aimed at making beginning farmer tax credit more accessible
Summary
Lawmakers discussed two related bills: SF 14‑28 to expand eligibility to certain family LLCs and SF 14‑19 to remove a statewide funding cap; SF 14‑28 was passed and referred to Taxes as amended, SF 14‑19 was laid over for possible inclusion.
The committee considered two bills designed to broaden access to Minnesota's beginning farmer tax credit. Sen. Weber presented Senate File 14‑28 (A‑1 amendment adopted) to allow limited liability companies owned by up to two individuals who are spouses or family members to qualify for the beginning farmer tax credit. Sen. Weber said the change reflects ownership patterns in today's farm economy and would preserve the credit's intent while adapting to typical…
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