On Tuesday May 30th, Minnesota's Governor Mark Dayton signed a bill authored by Rep. Nels Pierson (R-Rochester) and Sen. Mike Goggin (R-Redwing) that supports the transition of land to young and beginning farmers through a new tax credit inventive. Through the bill, landowners receive a state income tax credit when they sell or rent land or agricultural assets to a beginning farmer. The credit equals five percent of the sale price or ten percent of the cash rent, or fifteen percent for a cash share agreement. In turn, the beginning farmer must take a farm management course to qualify for the tax incentive and would be eligible for a tax credit covering the full cost of training. The tax credit is effective in the 2018 tax year and is Read More...