Relating to: income tax credits for beginning farmers and owners of farm assets and making an appropriation. (FE)

AB 721 creates a new income tax credit for beginning farmers and owners of farm assets in Wisconsin. Beginning farmers who lease or purchase agricultural assets (like land, equipment, or livestock) and asset owners who lease those assets to them can claim a credit equal to 5% of the lease or sales price paid each year. The credit is capped at $75,000 annually and only applies to the first three years of a lease. To qualify, claimants must provide eligibility certification and meet residency requirements, with partnerships and LLCs passing credit amounts to individual members.