Legislation Would Give New Farmers Major Tax Credits

(Jefferson City) (AP) – State Sen. Brian Munzlinger announced legislation Monday that would create tax incentives for Missouri landowners to work with beginning farmers, an effort he says could help attract a younger generation to agriculture.

The Republican lawmaker from Williamstown said he worries it’s too expensive for some young farmers to start out in the state, where the average age for farmers and ranchers is 56.

The legislation would allow up to $12 million a year in tax credits for property owners who lease land or contract to have part of their land farmed by beginning farmers. Landowners would qualify for tax credits worth 7 percent of what a beginning farmer pays to lease land or 7 percent of what landowners pay those farmers to cultivate on their property.

Missourians who have not operated a farm or ranch for more than 10 years would qualify. Those with farms or ranches larger than 30 percent of the county average wouldn’t be eligible.

Missourians who have not operated a farm or ranch for more than 10 years would qualify. Those with farms or ranches larger than 30 percent of the county average wouldn’t be eligible.