The bill amends Minnesota Statutes 2024, section 41B.0391, subdivision 1, to expand the definition of "beginning farmer" to include not only individuals but also limited liability companies owned by an individual or by up to two individuals who are spouses or family members. This change aims to broaden the eligibility for beginning farmer tax credits, allowing more entities to qualify for assistance in entering the farming industry. The existing criteria for what constitutes a beginning farmer remain intact, including residency requirements, net worth limits, and the necessity for farming experience and management.

Additionally, the bill maintains the requirement for beginning farmers to notify the authority if they no longer meet eligibility criteria within a three-year certification period, which would result in the loss of tax credits. The authority is also granted the discretion to waive certain requirements, such as the completion of a financial management program, for participants with relevant educational or professional backgrounds. Overall, the bill seeks to support the growth of new farming operations in Minnesota by making tax credits more accessible to a wider range of applicants.

Statutes affected:
Introduction: 41B.0391
1st Engrossment: 41B.0391