Cattlemen at heart: Creativity gives next generation of farmers a boost

To help get new farmers on the land, in 2017 the Minnesota Legislature passed the Beginning Farmer Incentive Credit that provides tax credits to the owners of farm assets who either rent or sell assets to a beginning farmer.The new program includes incentives for farmers who sell or rent assets to those who are not close relatives – not children, grandchildren, spouses or siblings.It includes a tax credit up to 5 percent of the sale of assets and up to 10 percent of the gross rental income.Those credits can reduce the risk for older farmers to sell or rent to beginning farmers, Wohlman said.A Beginning Farmer Management Credit is available for beginning farmers who enroll in an approved farm business management program, as well as scholarships for farm management classes.