Nov. 1 Deadline for Beginning Farmers to Enroll in Financial Education Programs & Receive Tax Credit
MONTEVIDEO, Minn. — Details on how to apply for the newly launched Minnesota Beginning Farmer Tax Credit will be the focus of a meeting on Thursday, Oct. 11, from 7 p.m. to 8 p.m., at the Montevideo Public Library (224 S. 1st Street). Dessert and coffee will be served. There is no cost for the meeting, but RSVPs are appreciated. RSVPs and questions can be directed to the Land Stewardship Project’s (LSP) Amy Bacigalupo at 320-269-2105 or firstname.lastname@example.org.
The Minnesota Beginning Farmer Tax Credit is a first-of-its-kind initiative that provides a tax credit to people who rent land or sell land or other agricultural assets to beginning farmers. In addition, beginning farmers can receive a tax credit of up to $1,500 for enrolling in an eligible financial management program. The Land Stewardship Project and Farm Business Management Program both offer beginning farmer educational programs that qualify for the Minnesota tax credit.
To be eligible for the tax credit, the beginning farmer needs to have farmed for 10 or fewer years; land/asset owners cannot be directly related to the beginning farmer. The Rural Finance Authority will approve and certify tax credits on a first come, first served, basis. More than $2.5 million in tax credits are available for people who apply by the Nov. 1 deadline.
During the Oct. 11 meeting, Bacigalupo, who directs LSP’s Farm Beginnings Program, and Kami Schoenfeld, a Farm Business Management Instructor at Ridgewater College, will walk through how the tax credit works and how beginning farmers can use the tax credit to cover the cost of enrolling in beginning farmer educational programs.
“Our goal is to assist beginning farmers, landowners and farm asset owners in gaining a better understanding of the new agriculture tax credit,” said Schoenfeld.
More information about the Beginning Farmer Tax Credit can be found here. For more information or questions about Farm Business Management, contact Schoenfeld at Kami.Schoenfeld@ridgewater.edu or 320-212-5255. More information about LSP’s Farm Beginnings Program is available by contacting Bacigalupo at email@example.com or 320-269-2105.