The bill amends Minnesota Statutes 2024, section 41B.0391, subdivision 1, to expand the eligibility criteria for beginning farmer tax credits. Notably, it introduces the definition of a "limited liability company" as a type of entity that can qualify as a beginning farmer, specifically a family farm limited liability company or an authorized farm limited liability company. This change allows individuals who own or operate such companies to access the same tax credits available to individual beginning farmers. Additionally, the bill clarifies the definitions of various terms related to agricultural assets and farming, ensuring that the language aligns with current agricultural practices and legal standards.

Furthermore, the bill makes several deletions and insertions to refine the definitions and eligibility requirements for beginning farmers. For instance, it removes certain definitions while adding new ones to enhance clarity and ensure that the criteria for tax credits are comprehensive and inclusive. The amendments aim to support the growth of new farmers in Minnesota by making it easier for them to qualify for financial assistance through tax credits, thereby promoting agricultural development in the state.

Statutes affected:
Introduction: 41B.0391