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

SB 723 creates a new 5% income tax credit for beginning farmers and owners of agricultural assets in Wisconsin. Beginning farmers receive a credit equal to 5% of lease payments or purchase prices paid for agricultural assets (including land improvements), while asset owners get 5% of lease payments received from beginning farmers. The credit is limited to the first three years of a lease, capped at $75,000 per taxable year, and requires a certificate of eligibility. It applies to taxable years beginning after December 31, 2026, and affects individual taxpayers (not partnerships or corporations directly). The bill also establishes a dedicated funding appropriation for unused credits.