Eliminates the cap on the available amount of the credit for owners of agricultural assets in Minnesota.

The bill eliminates the cap on the available amount of the credit for owners of agricultural assets in Minnesota. It amends the Minnesota Statutes to remove the limitation on the credit amount for the sale or rental of agricultural assets to beginning farmers. The credit is now allowed against the tax due under chapter 290 for the sale or rental of agricultural assets to a beginning farmer. The bill also modifies the allocation process and certification requirements for the credit. It is effective for taxable years beginning after December 31, 2024.

Eliminates the cap on the available amount of the credit for owners of agricultural assets in Minnesota.

The bill eliminates the cap on the available amount of the credit for owners of agricultural assets in Minnesota. It amends the Minnesota Statutes to remove the limitation on the credit amount for the sale or rental of agricultural assets to beginning farmers. The credit is now allowed against the tax due under chapter 290 for the sale or rental of agricultural assets to a beginning farmer. The bill also modifies the allocation process and certification requirements for the credit. It is effective for taxable years beginning after December 31, 2024.