No. According to the state law for this program, an eligible asset owner is, “an individual, trust, or pass-through entity that is the owner in fee of agricultural land or has legal title to any other agricultural land.” A C-Corporation is not a “pass-through” entity as described in the law.
Asset Owners - No. An asset owner can apply for the maximum tax credits for either a rental or a sale for each eligible beginning farmer each year. There is no lifetime limit, and they can continue to apply for the program as long as the beginning farmer they work with is eligible.
Beginning Farmers - Yes. Beginning farmers are only eligible for the FBM tuition reimbursement tax credit for three years. However, beginning farmers can continue to apply for the program with their asset owners for all 10 years that they are considered a beginning farmer (they just won't get an FBM tax credit for years 4-10).
Asset Owners - No. An asset owner can apply for the maximum tax credits for either a rental or a sale for each eligible beginning farmer each year. There is no lifetime limit, and they can continue to apply for the program as long as the beginning farmer they work with is eligible.
Beginning Farmers - Yes. Beginning farmers are only eligible for the FBM tuition reimbursement tax credit for three years. However, beginning farmers can continue to apply for the program with their asset owners for all 10 years that they are considered a beginning farmer (they just won't get an FBM tax credit for years 4-10).
