MN HF608

Establishes income tax credit 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 of gross rental income for share rent agreements (first three years)

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

Defines "beginning farmer" as a Minnesota resident entering farming within the last ten years who is unrelated by blood or marriage to the asset owner, meets net worth limits, provides majority day-to-day farm labor and management, and demonstrates adequate farming experience and profit potential

Authorizes Rural Finance Authority to approve and certify both beginning farmers and asset owners for tax credits, maintain lists of approved financial management programs, and provide assistance to beginning farmers

Allows carryover of unused tax credits: 15 succeeding years for asset sale/rental credits and 3 succeeding years for management program credits, effective for taxable years beginning after December 31, 2016