This tax credit is nonrefundable, meaning it can only reduce what you owe in Minnesota taxes and will not be issued as a tax refund. However, the asset owner may carry their tax credit forward for 15 years, and the beginning farmer may carry their tax credit forward for 3 years.
This tax credit is nonrefundable, meaning it can only reduce what you owe in Minnesota taxes and will not be issued as a tax refund. However, the asset owner may carry their tax credit forward for 15 years, and the beginning farmer may carry their tax credit forward for 3 years.
No. Based on the state law for this program, the beginning farmer must be an individual sole proprietor, not a business entity. Farmers who structure their businesses as LLCs (even single member), partnerships, etc. must apply as individuals with their own name (not the business name) listed on the lease or sale documents.
Asset owners, however, may be an individual, trust, LLC, partnership, S-Corp, or other qualified pass-through entity.
No. Based on the state law for this program, the beginning farmer must be an individual sole proprietor, not a business entity. Farmers who structure their businesses as LLCs (even single member), partnerships, etc. must apply as individuals with their own name (not the business name) listed on the lease or sale documents.
Asset owners, however, may be an individual, trust, LLC, partnership, S-Corp, or other qualified pass-through entity.
Yes! Funding for this program is first-come, first-served, so we encourage applicants to apply as soon as they are prepared with a purchase agreement or lease.
Yes! Funding for this program is first-come, first-served, so we encourage applicants to apply as soon as they are prepared with a purchase agreement or lease.
Yes. Applicants must apply in the first year of the contract. The asset owner will received a tax credit on the full sale price in the first year of the contract. Applicants must submit either a settlement statement or notarized contract for deed as documentation.
Yes. Applicants must apply in the first year of the contract. The asset owner will received a tax credit on the full sale price in the first year of the contract. Applicants must submit either a settlement statement or notarized contract for deed as documentation.
