WI SB723

Creates an income tax credit equal to 5% of lease payments or purchase prices for agricultural assets (land, machinery, equipment, facilities, livestock) for both beginning farmers and asset owners who transact with each other, effective for taxable years beginning after December 31, 2026

Beginning farmers may also claim an additional 5% credit on amounts paid for improvements to agricultural land and facilities

Defines "beginning farmer" as a Wisconsin resident with net worth under $200,000 who has farmed for fewer than 10 years

Caps individual claimant credits at $75,000 per taxable year and total program credits at $5,000,000 per year; lease-based credits limited to the first 3 years of any lease

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