Minnesota HF1423 increases the shareholder limit for entity-owned agricultural homestead property.

Minnesota HF1423 amends the state's tax code to increase the shareholder limit for entity-owned agricultural homestead property. This bill allows family farm corporations, joint family farm ventures, limited liability companies, and partnerships to qualify for homestead treatment if they meet certain conditions. Specifically, the property must be occupied by a shareholder, member, or partner who is actively engaged in farming the land.

Minnesota HF1423 increases the shareholder limit for entity-owned agricultural homestead property.

Minnesota HF1423 amends the state's tax code to increase the shareholder limit for entity-owned agricultural homestead property. This bill allows family farm corporations, joint family farm ventures, limited liability companies, and partnerships to qualify for homestead treatment if they meet certain conditions. Specifically, the property must be occupied by a shareholder, member, or partner who is actively engaged in farming the land.