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Enrollment for enhanced Beginning Farmer Tax Credit underway in Minnesota
Ag land owners in Minnesota are eligible for enhanced incentives when selling or leasing to beginning farmers.
The Minnesota Department of Agriculture says recent legislative changes have increased the tax credit amount to eight percent of the sale price for buyers and 12 percent if the buyer is an emerging farmer.
The maximum tax credit has also been raised from $32,000 to $50,000, and direct family members are now eligible for farmland sales for the first time.
The Beginning Farmer Tax Credit application deadline for rentals is July 17th and November 1st for sales.
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