Bill > HF1292

This bill expands the definition of "beginning farmer" in Minnesota's tax credit program to include limited liability companies (LLCs) owned by individuals, in addition to individual farmers. The bill modifies existing law to clarify that LLCs can qualify if they are family farm LLCs, authorized farm LLCs, or other LLCs authorized to engage in farming and own agricultural land. The definition of a beginning farmer remains largely the same, requiring the individual to be a Minnesota resident seeking entry into farming, have a limited net worth, provide day-to-day farm labor and management, demonstrate farming knowledge and profit potential, and meet other requirements such as completing a financial management program. The bill also updates various definitions related to farming, agricultural assets, and ownership, including specifying what constitutes a family member and a farm product. The changes aim to provide more flexibility for new farmers entering agriculture by broadening the types of business entities that can qualify for beginning farmer tax credits, while maintaining the core intent of supporting new agricultural entrepreneurs in Minnesota.

Agriculture and Natural Resources, Budget and Finance

https://www.revisor.mn.gov/bills/bill.php?b=House&f=HF1292&ssn=0&y=2025