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MARYVILLE

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News Brief

July 25, 2024 |  By: Jeremy Werner

New Ag program for beginning farmers accepting applications

farming

The Missouri Agricultural and Small Business Development Authority will start accepting applications for a new program to support beginning farmers in Missouri on August 1st.

This program offers tax deductions to farm owners who sell or lease their land to new farmers. Eligible farm owners can deduct capital gains from their Missouri adjusted gross income based on the sale or lease of farmland to beginning farmers. The deduction varies from 100 percent for gains up to two million dollars, to 20 percent for gains between five million and six million dollars. Additionally, farm owners who lease their land or enter into crop-share arrangements with beginning farmers can deduct up to 25,000 dollars of their annual income from their Missouri adjusted gross income.

For more information and to apply, visit masbda.com or call 573-751-2129.