Agricultural asset available credit amount cap eliminated.

HF 1626 eliminates maximum dollar limits on tax credits for Minnesota agricultural asset owners who sell or rent property to beginning farmers. Previously, credits were capped at $50,000 for sales and $7,000-$10,000 annually for rentals; this bill removes those caps, allowing credits to be calculated based on actual qualifying transaction values (8%, 10%, or 15% of sale price or rental income). The change applies to credits under Minnesota Statutes sections 41B.0391 and 290.06, effective for tax years beginning after December 31, 2024. It directly affects agricultural landowners and beginning farmers participating in Minnesota’s tax credit program.