Beginning farmer tax credit becomes law

Bill offers tax credit options to help beginning farmers get a foothold

 

On April 18, HB 95 was signed into law by Governor Mike DeWine. The law establishes an income tax credit for beginning farmers who participate in a financial management program, administered by the Ohio Department of Agriculture. It also constructs an income tax credit for established farmers who sell or rent agricultural assets to beginning farmers.

“The idea for HB 95 all started because younger Ohio Farm Bureau members who were working their way into agriculture, along with more experienced members looking to step away from the industry, were facing many obstacles when it came to working on a transition plan,” said Adam Sharp, executive vice president of Ohio Farm Bureau. “Through their recommendations, our organization worked through the policy development process to successfully add incentives for new and beginning farmers to the list of important issues Farm Bureau advocates for every day. Those grassroots efforts have now come to fruition, and we appreciate Governor DeWine signing this legislation into law to allow a path forward for the next generation of agriculturalists in Ohio.”

Read more about HB 95 here.