This bill amends the Minnesota Statutes regarding the Minnesota Rural Finance Authority, specifically focusing on the certification process for beginning farmers and owners of agricultural assets. The authority is tasked with approving and certifying eligible participants for financial programs and tax credits, while also providing support and referrals to additional resources. A significant change in the bill is the adjustment of the allocation limits for tax credits, which now allows for an annual allocation starting January 1 of each year, with a priority for recertifications in the second and third years.

Additionally, the bill introduces a new effective date for these provisions, stating that they will apply to taxable years beginning after December 31, 2023. It also specifies that 50% of newly allocated credits must be designated for emerging farmers, and any unallocated credits reserved for this group will not be canceled but instead added to the next year's allocation. The deadline for credit allocations has been moved from September 30 to May 31, streamlining the process for both the authority and the farmers involved.