New Programs For Beginning Farmers
There has been a lot of concern about the average age of farmers in Minnesota for a number of years. Between 1982 and 2012 the average age of Minnesota's farmers has increased 7.5 years to 56.6 years of age. The question is with so many Minnesota farmers reaching the end of their farming careers, who is going to farm the land? Compounding the problem is the incredible amount of capitol or money that is required to get into farming.
The Minnesota legislature addressed this concern in the 2017 Special Session. Two new programs are available to help beginning farmers in Minnesota. The two programs are called the Beginning Farmer tax Credit and Beginning Farmer Management programs. According to the Minnesota Department of Agriculture these programs are funded through 2023. Generally speaking these programs provide tax credits to Minnesota farmers that help beginning farmers get established.
These programs will not help with Federal Taxes, just Minnesota Taxes. For more information contact the Minnesota Department of Agriculture, the University of Minnesota Extension Service or your local Farm Business Management office.