MN SF3228

Establishes income tax credits for owners of agricultural assets who sell or rent assets to beginning farmers: 5% of sale price, 10% of gross rental income for first three years of cash rent, or 15% of cash equivalent gross rental income for share-rent agreements

Defines "beginning farmer or livestock producer" as a Minnesota resident entering farming within the last ten years with net worth not exceeding $200,000, unrelated to the asset owner, who provides majority day-to-day labor and demonstrates adequate experience and profit potential

Creates a management tax credit for beginning farmers participating in approved financial management programs equal to 100% of program costs or $700 annually, whichever is less, available for up to three years

Allows unused tax credits to carry forward: incentive credits for 15 succeeding years and management credits for 3 succeeding years, with limits based on tax liability

Appropriates $100,000 in fiscal year 2011 from general fund to commissioner of human services for matched savings grants to beginning farmers through fiduciary organizations, with $25,000 reserved for socially disadvantaged farmers