MN SF1228

Removes family member definitional exclusions for agricultural asset sales to beginning farmers, allowing tax credits even when the beginning farmer or their spouse is a family member of the asset owner.

Requires the sale price of agricultural assets paid by a beginning farmer to equal or exceed the assessed value of the asset, or if no assessed value exists, 80 percent of the fair market value.

Family member purchase requirement applies only when the beginning farmer or beginning farmer's spouse is a family member of the asset owner or a partner, member, shareholder, or trustee of the owner.

Effective for taxable years beginning after December 31, 2020.