WI AB721

Creates income tax credits for beginning farmers (net worth under $200,000, farmed fewer than 10 years) who lease or purchase agricultural assets, and for asset owners who lease or sell to beginning farmers, effective for taxable years beginning after December 31, 2026

Credit amount equals 5% of lease payments or sales prices for agricultural assets (land, machinery, equipment, facilities, or livestock used in farming), with beginning farmers also eligible for 5% credit on improvements to land and facilities

Maximum credit per claimant is $75,000 per taxable year, with a total program cap of $5,000,000 for all claimants annually; lease-based credits limited to first 3 years of any lease

Requires both beginning farmers and asset owners to submit applications to the Department of Agriculture, Trade and Consumer Protection, with beginning farmers providing a business plan and documentation of relevant farming education, training, and experience

DATCP must submit annual reports to the legislature beginning in 2028 on the number of applicants, types of farming, certificates issued, and credit amounts awarded