MN SF4281

Expands the definition of "beginning farmer" to include limited liability companies owned by individuals, in addition to individuals, for purposes of tax credit eligibility.

Requires beginning farmers to be Minnesota residents seeking entry or having entered farming within the last ten years and intends to farm land located within Minnesota.

Maintains existing eligibility requirements including net worth limits, provision of majority day-to-day labor and management, adequate farming experience, demonstrated profit potential, and completion of an approved financial management program within ten years.

Allows the authority to waive the financial management program requirement if the participant has a four-year degree in an agricultural program, reasonable agricultural job-related experience, or certification as an adult farm management instructor.

Clarifies that "owner of agricultural assets" excludes equipment dealers, livestock dealers, and comparable entities engaged in selling agricultural assets for profit rather than farming as their primary business.