MN HF1456

Removes family member definitional exclusions for beginning farmer tax credit on agricultural asset sales, allowing sales between family members to qualify for the credit.

Requires the sale price of an agricultural asset to equal or exceed the assessed value, or 80 percent of fair market value if no assessed value exists, when the beginning farmer or their spouse is a family member of the owner or owner's partner/member/shareholder/trustee.

Maintains existing tax credit amounts: five percent of sale price up to $32,000 for asset sales, and ten to fifteen percent of gross rental income up to $7,000-$10,000 per year for rental agreements.

Preserves authority approval and certification requirements for all tax credits and allows rental agreement termination for reasonable cause without retroactive credit disallowance.

Effective for taxable years beginning after December 31, 2020.