Michigan SB0013 provides a tax credit for owners of agricultural assets who sell or rent to beginning farmers.

Michigan SB0013 amends the Michigan income tax law to introduce a tax credit for owners of agricultural assets who sell or rent these assets to beginning farmers. The credit is available for the sale of an agricultural asset, with a maximum of 5% of the sale price or fair market value, up to $32,000. For rental agreements, the credit is 10% of the gross rental income for the first three years, up to $7,000 per year for cash rental agreements and $10,000 per year for share rent agreements. The total credits issued per year cannot exceed $5,000,000.

Michigan SB0013 provides a tax credit for owners of agricultural assets who sell or rent to beginning farmers.

Michigan SB0013 amends the Michigan income tax law to introduce a tax credit for owners of agricultural assets who sell or rent these assets to beginning farmers. The credit is available for the sale of an agricultural asset, with a maximum of 5% of the sale price or fair market value, up to $32,000. For rental agreements, the credit is 10% of the gross rental income for the first three years, up to $7,000 per year for cash rental agreements and $10,000 per year for share rent agreements. The total credits issued per year cannot exceed $5,000,000.