MN SF1419

Eliminates the annual allocation cap on tax credits for owners of agricultural assets who sell or rent to beginning farmers, removing the previous $4,000,000 annual limit that was in place for taxable years beginning after December 31, 2023

Replaces the term "emerging farmer" with "limited land access farmer" throughout the statute, with the enhanced 12% credit rate (instead of 8%) for sales to these farmers retained

Establishes new application deadlines: November 1 annually for sale credits and July 1 annually for rental credits, beginning in 2025

Maintains existing credit amounts: up to $50,000 (8% of sale price) for sales, up to $7,000/year (10% of gross rent) for cash rentals, and up to $10,000/year (15% of cash equivalent) for share rent agreements over three years

Effective for taxable years beginning after December 31, 2024