Minnesota HF1700 increases the shareholder limit for entity-owned agricultural property eligible for homestead tax classification.

Minnesota HF1700 amends the state's tax code to increase the shareholder limit for family farm corporations, joint family farm ventures, limited liability companies, and partnerships. These entities can now have up to 20 shareholders, members, or partners to qualify for homestead tax classification on agricultural property. This classification applies to properties occupied by shareholders, members, or partners actively engaged in farming.

Minnesota HF1700 increases the shareholder limit for entity-owned agricultural property eligible for homestead tax classification.

Minnesota HF1700 amends the state's tax code to increase the shareholder limit for family farm corporations, joint family farm ventures, limited liability companies, and partnerships. These entities can now have up to 20 shareholders, members, or partners to qualify for homestead tax classification on agricultural property. This classification applies to properties occupied by shareholders, members, or partners actively engaged in farming.