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Michigan tax credit would benefit novice farmers

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Michigan tax credit would benefit novice farmers

Michigan Senate legislation could provide tax credits to better help novice farmers.

Michigan Sen. Kim LaSata testified before the Senate Finance Committee this week on how farmers with less than 10 years in the industry could benefit.

“Senate Bill 697 would give a tax credit to a farmer who rents or sells an agricultural asset, including land, animals, cars and buildings, to a novice farmer,” she said.

First-generation farmer Mitch Kline cultivates 1,200 acres of hay near Kalamazoo and says the bill would allow more business participants who have the desire but don’t have the resources to start.

“Land is probably the hardest thing to get for someone who has no family ties or no family history,” he says. “I’ve been competing with people for five generations.”

LaSata says the program is modeled after a similar one in Minnesota and also cites successful tax credits for novice farmers offered in Iowa and Nebraska.

The committee intends to continue reviewing the legislation, which is supported by the Michigan Farm Bureau and several other agricultural groups in the state.



https://brownfieldagnews.com/news/michigan-tax-credit-would-benefit-beginning-farmers/ Michigan tax credit would benefit novice farmers

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