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News Brief

Aug. 6, 2024Jefferson City, Mo. |  By: Jeremy Werner

MASBDA offering new program to support beginning farmers

a young farmer

JEFFERSON CITY, Mo. - The Missouri Agricultural and Small Business Development Authority is now accepting applications for a new program to support beginning farmers.

Farm owners can qualify for a tax deduction by selling or leasing farmland to beginning farmers.

The deduction is based on capital gains from farmland sales made on or after Aug. 28, 2023, with deductions ranging from 20%-100% depending on the sale amount.

Additionally, farm owners who rent, lease, or enter crop-share agreements with beginning farmers can deduct up to $25,000 of annual income per tax year.

To qualify, both the farm owner and beginning farmer must meet program requirements. The Authority will issue a certification letter for tax purposes. For more information and to apply, visit masbda.com or call 573-751-2129.