Shareholder limit increase for entity-owned agricultural homestead property

SF 755 increases the maximum number of shareholders, members, or partners allowed in entities owning agricultural homestead property from 12 to 18. This bill directly affects family farm corporations, joint farm ventures, limited liability companies, and partnerships that own farmland eligible for homestead tax classification. The key provision amends Minnesota Statutes section 273.124, subdivision 8, to update the ownership limit for these entities. The change applies to homestead applications starting in 2025, allowing larger family-owned farm businesses to maintain their tax classification.