St. Paul, MN: The Minnesota Department of Agriculture’s Rural Finance Authority reminds beginning farmers to apply by November 1, 2018 for the tax credit for the sale or lease of land, equipment, machinery, and livestock.
To qualify, the applicant must be a Minnesota resident with the desire to start farming or began farming within the past ten years, provide projected earnings statements, have a net worth less than $816,800, and enroll in an approved financial management program. The farmer cannot be directly related to the person from which he or she is buying or renting assets. The tax credit for the sale or lease of assets can then be applied to the Minnesota income taxes of the owner of the farm land or agricultural assets.
Three levels of credits are available:
• 5% of the lesser of the sale price or fair market value of the agricultural asset up to a maximum of $32,000;
• 10% of the gross rental income of each of the first, second and third years of a rental agreement, up to a maximum of $7,000 per year;
• 15% of the cash equivalent of the gross rental income in each of the first, second or third year of a share rent agreement, up to a maximum of $10,000 per year.
The Beginning Farmer Tax Credit is available on a first-come, first-served basis. www.mda.state.mn.us/bftc
Interested farmers should note that they can also apply for a separate tax credit to offset the cost of a financial management program up to a maximum of $1,500 per year – for up to three years.
“The mission statement of the Wabasha Soil & Water Conservation District is to provide technical, financial, and educational assistance for land and water management in a way that promotes a sound economy and sustains and enhances natural resources.”
Top 6 Priority Concerns
The SWCD is a subdivision of State government that is governed by a locally elected Board of Supervisors.
The SWCD provides technical and financial assistance for natural resource issues.
The Board of Supervisors meet on the 4th Thursday of each month at 8:00 a.m. at 625 Jefferson Ave. Wabasha, MN 55981
Agendas will be posted no later than the Tuesday before the next meeting. Access the agenda for the upcoming meeting by clicking Documents-Agendas.
Roland Wood - Chair
(Highland, Plainview, Elgin townships. Plainview & Elgin cities)
Terry Helbig- Vice Chair
(Mount Pleasant, Lake & Pepin townships. Lake City city)
Tom Gosse - Treasurer
(Glasgow, Greenfield, Minneiska, & Watopa townships. Wabasha, Kellogg & Minneiska cities)
Chuck Fick - Secretary
(Oakwood, West Albany & Gillford townships. Millville & Zumbro Falls cities)
Nate Arendt - Member
(Chester, Mazeppa, Zumbro & Hyde Park townships. Mazeppa, Hammond & Zumbro Falls cities)