MN HF3290

Establishes a Beginning Farmer Program (Chapter 41B.0391) with tax credits for owners of agricultural assets who sell or rent to beginning farmers, including 5% of sale price, 10% of gross rental income for first three years, or 15% of cash equivalent of gross rental income for share-rent agreements.

Defines "beginning farmer or livestock producer" as a Minnesota resident within ten years of entering farming, with net worth not exceeding $200,000, who provides majority of day-to-day farm labor and demonstrates adequate farming experience or knowledge.

Creates management tax credits equal to 100% of financial management program costs or $700 (whichever is less) available for up to three years, with the Rural Finance Authority approving financial management programs and certifying eligible participants.

Allows unused tax credits to carry forward for 15 years, with excess credits from one year automatically carried to subsequent years up to the taxpayer's tax liability.

Appropriates $100,000 in fiscal year 2011 from the general fund for beginning farmer individual development account matching grants through fiduciary organizations, with funds matched by federal dollars and up to $25,000 reserved for socially disadvantaged farmers.