New Iowa Beginning Farmer Tax Credit

by Roger McEowen, Leonard Dolezal Professor in Agricultural Law, (515) 294-4076, mceowen@iastate.edu

Beginning in 2007, a new credit is available for persons that enter into qualified arrangements with a "beginning farmer." This provision can have the potential to entirely eliminate Iowa tax for individuals that lease farm property to a beginning farmer for several years. The attachment explains the new credit with an example of its potential benefit (pdf). This attachment contains the required forms that must be completed and submitted to the Iowa Ag Development Authority for the credit to be claimed (pdf). For more information, visit the IADA website.

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