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MN HF1074
Bill
Status
2/19/2015
Primary Sponsor
Paul Marquart
Click for details
AI Summary
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Extends the Agricultural Growth, Research, and Investment (AGRI) program sunset date from June 30, 2015 to June 30, 2025 (ten-year extension)
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Allocates $500,000 annually from AGRI program funds for need-based farm business management tuition scholarships
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Creates income tax credits for owners of agricultural assets who sell or rent to beginning farmers: 5% of sale price, 10% of gross rental income for cash rent (first three years), or 15% of cash equivalent gross rental income for share-rent agreements (first three years)
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Provides beginning farmers with tax credits up to $700 annually for up to three years for participation in approved financial management programs
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Appropriates $100,000 in fiscal years 2016-2017 for matched savings accounts for beginning farmers and $2,400,000 in fiscal years 2016-2017 for farm business management programming at Minnesota State Colleges and Universities, with priority outreach to beginning, urban, immigrant, and protected group farmers
Legislative Description
Agricultural Growth, Research, and Investment (AGRI) program extended for ten years; portion of annual AGRI spending dedicated to farm business management scholarships; income tax credits to encourage beginning farmers provided; beginning farmer individual development accounts and supplemental farm business management program funding provided; and money appropriated.
Last Action
Introduction and first reading, referred to Agriculture Policy
2/19/2015