OH HB183

Allows nonrefundable income tax credits for owners of agricultural assets who sell or rent land, livestock, facilities, or equipment to certified beginning farmers, with credit rates of 5% of sale price, 10% of rental income, or 15% of share rent agreement income.

Establishes certification requirements for beginning farmers including Ohio residency, entry into farming within last 10 years, net worth below $800,000 (adjusted for inflation in subsequent years), and participation in an approved financial management program.

Provides nonrefundable income tax credits to beginning farmers for costs incurred participating in certified financial management programs, with credits allowed to carry forward up to 3 taxable years.

Limits total tax credits issued under the program to $10 million and restricts credit certificates from being issued on or after January 1, 2022, making this a temporary program.

Applies to taxable years beginning on or after January 1, 2020, and requires the director of agriculture and participating land grant colleges to certify beginning farmers and financial management programs.