Bill > SF1428

This bill expands the definition of "beginning farmer" in Minnesota's agricultural asset tax credit program to include limited liability companies (LLCs) owned by up to two individuals who are either spouses or family members. Currently, the definition applies primarily to individual farmers. The bill modifies existing eligibility requirements, which include being a Minnesota resident, seeking entry into farming within the last ten years, intending to farm within Minnesota, and meeting specific financial and professional criteria. These criteria include having a net worth below a certain threshold, providing majority day-to-day labor and management of the farm, demonstrating farming experience or knowledge, showing potential farm profitability, and being enrolled in or having completed a financial management program. The bill allows some flexibility, such as waiving the financial management program requirement for individuals with agricultural degrees, relevant job experience, or certification as an adult farm management instructor. By broadening the definition to include spousal and family-owned LLCs, the bill aims to make agricultural asset tax credits more accessible to family farming operations and support new farmers entering the agricultural sector.

Agriculture and Natural Resources, Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=Senate&f=SF1428&ssn=0&y=2025