This 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. The bill also clarifies that a beginning farmer can be an individual or a limited liability company owned by an individual, thereby broadening the scope of who can benefit from these tax credits.

Additionally, the bill makes several adjustments to the definitions related to agricultural assets and ownership. It removes the previous definition of "owner of agricultural assets" and replaces it with a more comprehensive definition that includes various types of limited liability companies authorized to engage in farming. The bill emphasizes the importance of notifying the authority if an owner of agricultural assets no longer meets the eligibility criteria within a three-year certification period, ensuring that the integrity of the tax credit program is maintained.

Statutes affected:
Introduction: 41B.0391