For example, there is a Beginning Farmer tax credit. This one-time credit equals the amount the beginning farmer pays to enroll in a financial management program during the claim year. The maximum credit allowed is $500. To take advantage of this credit, the beginning farmer needs to have successfully completed the coursework. Then, both the beginning farmer and established farmer must apply to and be approved by DATCP. The application includes a proposed business plan, description of the beginning farmer’s education or training, a written copy of a lease with duration of at least three years, and a description of the leased assets. A Beginning Farmer is defined as someone who has farmed fewer than 10 of the previous 15 years and has a net worth less than $200,000.
For more information about farm transition services or how to apply for the Beginning Farmer and Farm Asset Owner tax credits, contact DATCP’s Wisconsin Farm Center at 800.942.2474 or email@example.com.
Contact: Ashley Huibregtse, 608.224.5002
Jim Dick, Communications Director, 608.224.5020