Beginning Farmer Tax Credit is now available
The Beginning Farmer Tax Credit is available to those who’ve recently entered the field, as well as those who help beginning farmers.
Read MoreThe Beginning Farmer Tax Credit is available to those who’ve recently entered the field, as well as those who help beginning farmers.
Years in the making, and thanks in large part to the ongoing efforts of Ohio Farm Bureau, the Beginning Farmer Tax Credit is now available to those who’ve recently entered the field, as well as those who help beginning farmers.
“The idea for House Bill 95 all started because younger Ohio Farm Bureau members who were working their way into agriculture and more experienced members looking to step away from the industry were facing many obstacles when it came to working on a transition plan,” said Adam Sharp, Ohio Farm Bureau executive vice president. “Through their recommendations, our organization worked through the policy development process to successfully add incentives for new and beginning farmers to the list of important issues Farm Bureau advocates for every day. Those grassroots efforts have now come to fruition with the passage of this legislation.”
The tax credit was created when HB 95 was signed into law by Gov. Mike DeWine April 21, 2022. Primary sponsors for the bill were Rep. Susan Manchester (R-Waynesfield) and Rep. Mary Lightbody (D-Westerville).
“Agriculture and food is Ohio’s number one industry,” said Ohio Department of Agriculture Interim Director Tracy Intihar. “The Beginning Farmer Tax Credit will help keep costs down for new producers and encourage others to help them. This incentive ensures that our state will continue to provide for local communities, the country, and even the world.”
Beginning farmers will need to complete a financial management program to qualify.
Along with beginning farmers, asset owners, or people or businesses that sell or rent farmland, livestock, buildings, or equipment to beginning farmers may apply as well. In order for land to qualify as an asset, it must either total at least 10 acres or produce an average annual income of at least $2,500 for farming.
For more information, including applications, visit the Ohio Department of Agriculture.
The Beginning Farmer Tax Credit, which was created by the grassroots process of Ohio Farm Bureau, is available to those who’ve recently entered the field, as well as those who help beginning farmers.
The Beginning Farmer Tax Credit is available to those who’ve recently entered the field, as well as those who help beginning farmers.
Read MoreThis bill creates a tax credit to assist the next generation of farmers while helping the current generation transition their operations.
Read MoreHB 95 creates a tax credit to assist the next generation of farmers while helping the current generation transition their operations.
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