This tax credit is nonrefundable, meaning it will only reduce the Minnesota state taxes you owe and will never be issued as a tax refund. However, asset owners may carry the tax credit forward for 15 years, and beginning farmers may carry the tax credit forward for 3 years. To carry a tax credit forward, you do not need to reapply and will use the same certificate number.
Yes, asset owners who are not Minnesota residents are eligible. However, this tax credit is only for tax liability due to the state of Minnesota.
Yes, asset owners who are not Minnesota residents are eligible. However, this tax credit is only for tax liability due to the state of Minnesota.
Beginning farmers must apply every year to confirm their eligibility. Asset owners must apply every year for 1-year leases and sales. If an asset owner is applying with a multi-year lease, they only need to apply every three years or sooner if the lease ends or is modified.
Beginning farmers must apply every year to confirm their eligibility. Asset owners must apply every year for 1-year leases and sales. If an asset owner is applying with a multi-year lease, they only need to apply every three years or sooner if the lease ends or is modified.
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.
No. You must apply for the tax credit before the stated deadlines in the year your sale or lease took place. If your sale takes place in November or December after our deadline, we recommend applying before the sale with a purchase agreement or holding your sale until January and applying in the new year.
No. You must apply for the tax credit before the stated deadlines in the year your sale or lease took place. If your sale takes place in November or December after our deadline, we recommend applying before the sale with a purchase agreement or holding your sale until January and applying in the new year.
If the land has multiple owners, each individual (or married couple) who would like to receive a tax credit must apply separately. The tax credit will be based on the percentage of the asset that each person owns. For example: If three siblings equally own and are selling a $600,000 farm, they would receive a tax credit equal to 8% or 12% of their $200,000 share = $16,000 or $24,000 each.
If the land is owned by an entity (partnership, S. Corp, LLC, trust), the entity should submit one application.
