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Committee backs bill to restore beginning-farmer tax credit funding limits
Summary
Senate File 14-19 would remove the recent statutory cap on the Beginning Farmer Tax Credit funding and restore earlier levels to prevent eligible applicants being turned away; the committee adopted an author's amendment and passed-and-referred the bill to the Committee on Agriculture.
Senate File 14-19, a proposal to lift limits that have reduced available funding for Minnesota's Beginning Farmer Tax Credit, was advanced by the Taxes Committee on Wednesday and referred to the Committee on Agriculture.
Sponsor Senator Putnam said the credit—created in 2017—helps beginning farmers form relationships with landowners and access capital through tax incentives tied to land rental/sales and farm business management enrollment. She described how a 2023 budget…
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