MN HF812

Creates income tax credits for owners of agricultural assets who sell or rent land, livestock, facilities, or machinery to beginning farmers: 5% of sale price, 10% of gross rental income for cash rent (3 years), or 15% of gross rental income for share rent agreements (3 years).

Establishes income tax credit equal to 100% of costs for beginning farmers participating in authority-approved financial management programs, available for up to three years.

Defines "beginning farmer or livestock producer" as a Minnesota resident entering farming within the last 10 years who is unrelated to the asset owner, meets net worth limits, provides majority farm labor and management, demonstrates farming experience and profit potential, and participates in financial management programs.

Allows unused tax credits to carry forward: incentive credits for 15 years and management credits for 3 years, with carryover amounts limited to taxpayer's remaining tax liability.

Requires Rural Finance Authority approval and certification of beginning farmers and asset owners, with provisions to disallow and repay credits if rental agreements are terminated due to owner fault.