IA SSB3129

Establishes a beginning farmer tax credit program administered jointly by the Iowa Finance Authority and Department of Revenue for eligible taxpayers who transfer agricultural assets to qualified beginning farmers.

Expands the types of agricultural asset transfers eligible for tax credits to include both lease agreements and sale agreements (cash sales or installment contracts with scheduled payments over multiple years).

Requires eligible taxpayers to meet specific criteria including legal ability to acquire or lease agricultural land in Iowa, no prior fault in terminating program agreements, and no pending violations involving animal feeding operations.

Authorizes the Iowa Finance Authority to collect fees for program administration and requires coordination between the Authority and Department of Revenue for tax credit processing.

Takes effect upon enactment with provisions applying to agricultural assets transfer agreements entered into on or after the effective date.