Beginning Farmer Tax Credit

Are you a retired or a retiring farmer who is renting or crop sharing with a beginning farmer? If so, this blog is for you! The 2020 application for the Beginning Farmer Tax Credit has been released and applications are already starting to roll in.

The Iowa Finance Authority’s Beginning Farmer Tax Credit is a credit available to any farmer who is renting land or crop sharing with a beginning farmer. Of course, there are requirements for both parties, but they are minimal compared to the credit available.

You can find the application in our office or online at http://www.iowafinanceauthority.gov/Home/DocumentSubCategory/156.

For more details or questions please contact BakerStarrett your Iowa and Midwest Farm CPA experts.