Minnesota SF2665 increases the shareholder limit for entity-owned agricultural property.

Minnesota SF2665 amends the state's tax statutes to increase the shareholder limit for entity-owned agricultural property. The bill modifies the definition of "family farm corporation," "family farm," and "partnership operating a family farm" to allow up to 12 shareholders, members, or partners related by blood or marriage. It also adjusts the homestead classification for agricultural property owned by family farm corporations, joint family farm ventures, limited liability companies, or partnerships. The changes apply to homestead applications in 2025 and thereafter.

Minnesota SF2665 increases the shareholder limit for entity-owned agricultural property.

Minnesota SF2665 amends the state's tax statutes to increase the shareholder limit for entity-owned agricultural property. The bill modifies the definition of "family farm corporation," "family farm," and "partnership operating a family farm" to allow up to 12 shareholders, members, or partners related by blood or marriage. It also adjusts the homestead classification for agricultural property owned by family farm corporations, joint family farm ventures, limited liability companies, or partnerships. The changes apply to homestead applications in 2025 and thereafter.