MN SF1879

Increases the tax credit for owners of agricultural assets who sell to beginning farmers from 5% to 8% of the sale price, with the maximum credit rising from $32,000 to $50,000.

Raises the credit rate to 12% for sales to socially disadvantaged farmers or ranchers, and allows family member sales to qualify for credits if the sale price meets or exceeds the assessed value (or 80% of fair market value if no assessed value exists).

Increases the annual allocation limit for owner tax credits from $5,000,000-$6,000,000 to a permanent $6,000,000 per year, with unused allocations carrying forward to the next year.

Repeals the sunset provision that would have terminated the beginning farmer tax credit program after December 31, 2023, making the program permanent.

Extends the reporting deadline to the legislature from February 1, 2022 to February 1, 2024, requiring detailed data on credit distribution, beginning farmer demographics, and program effectiveness.