A bill for an act providing for the beginning farmer tax credit program administered by the Iowa finance authority and department of revenue, providing for fees, and including effective date provisions.

SSB 3129 establishes a tax credit program in Iowa to support beginning farmers. It allows eligible current landowners (taxpayers) to receive a tax credit when they transfer agricultural assets - via lease or sale - to qualified beginning farmers through formal written agreements. The program requires agreements to last at least two years (with renewal limits), prohibits assignment of agreements, and caps total credits at $250,000 per taxpayer over 15 years. It directly affects Iowa landowners who transfer assets to new farmers and beginning farmers who meet eligibility criteria like prior farming experience and asset ownership limits. The Iowa Finance Authority and Department of Revenue will administer the program.