Beginning Farmer Tax Credit Deadline August 1 |
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Please remember that 2024 Beginning Farmer Tax Credit (BFTC) applications are due Thursday, August 1, 2024. The application must be postmarked by August 1 to be accepted for the 2024 calendar year.
The Beginning Farmer Tax Credit Program provides an incentive for asset owners to lease land and other assets to an eligible beginning farmer through an Iowa income tax credit to the asset owner.
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Leases must be 2-5 years in length and the asset owner will receive a 5% credit on a cash rent lease, a 15% credit on a crop share lease and 15% on any flex portion that can be calculated.
- Applicants must be a resident of Iowa and 18 years of age.
- Have a net worth of no more than $833,000.
- Have sufficient education, training or experience for the anticipated farm operations.
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Have access to adequate working capital, equipment and other items that are necessary to operate the farm.
- Be the owner/operator.
- There is no restriction on off-farm income.
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We also encourage you to explore our loan programs to see if they can assist you in starting or expanding your farming operation. The Beginning Farmer Loan Program (BFLP) uses an aggie bond to decrease your interest rate while still keeping your loan with your local lender. Most lenders can decrease the rate 20-25% using the program. The Loan Participation Program (LPP) can help supplement a down payment if those funds are not available.
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More information on the Iowa Finance Authority Beginning Farmer Programs is available here.
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1963 Bell Ave Ste 200 | Des Moines, IA 50315-1011 US
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