Scout | dced/7: Beginning Farmer Tax Credit (BFTC)

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grant dced/7

Beginning Farmer Tax Credit (BFTC)

The Beginning Farmer Tax Credit (BFTC) offers tax credits to owners of agricultural assets when they sell or rent those assets to beginning farmers. This is designed to help transfer productive farmland and equipment/operations to new entrants and improve access to agricultural resources. The program is administered with input from the Department of Agriculture and the Department of Revenue.

Source

Agency: Pennsylvania Community & Economic Development

Dates

Application Opens: January 1, 2024

Application Deadline: December 31, 2035

Eligibility

Individual

Agriculture

Pennsylvania

Those eligible to apply for a Beginning Farmer Tax Credit must: Be an individual, trust, or pass-through entity that is the owner in fee of agricultural land or has legal title to any other agricultural asset, Sell or lease agricultural assets to a Beginning Farmer, Be subject to Personal Income Tax (Article III), Be in state tax compliance with the laws and regulations of the commonwealth as determined by the Department of Revenue; An owner of agricultural assets is eligible for allocation of a tax credit equal to: 5% of the lesser of the sale price or fair market value of the agricultural asset, up to a maximum of $32,000; or 10% of the gross rental income of the first, second, and third year of the rental agreement, up to a maximum of $7,000 per year

Keywords

beginning farmers

agricultural assets

tax credit

farm succession

farm leasing

farmland access

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