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The Minnesota Department of Agriculture is reminding beginning farmers that there is still a tax credit available for the sale or lease of land, equipment, machinery and livestock via the department’s Rural Finance Authority. 

In order to qualify, the applicant must be a Minnesota resident who wants to begin farming or began in the last 10 years; provide positive projected earnings; have a net worth less than $862,000 and enroll in/already have enrolled in an approved financial management program. 

One caveat is the applicant cannot be related to (either by blood or marriage) the person who they are buying or renting from and the farmer must be doing most of the labor on and management of the farm. 

There are three levels of tax credit based on a percentage (5%, 10% and 15%)  of the sale price/fair market value of the asset, with a maximum amount set. 

Applications must be submitted by October 1 and more information can be found here

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