Farmland News

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Ohio’s Beginning Farmer Tax Credit: What You Need to Know

by: Brant Darnell, CPA

A state program offers help — but timing is everything

Ohio’s Beginning Farmer Tax Credit Program provides income tax benefits to both new certified farmers and the landowners who sell or rent to them. Available since the 2023 tax year, the program runs until January 1, 2028 — or until $10 million in credits have been issued, whichever comes first.

Two Credits, Two Beneficiaries

Landowners/sellers receive:

• 3.99% of the sale price or annual rental income as an Ohio income tax credit.
• Credit can be carried forward up to seven years and is nonrefundable.

Beginning farmers receive:

• A credit for the cost of an approved financial management course.
• Credit can be carried forward up to three years and nonrefundable.

Who Qualifies?

To be certified by the Ohio Department of Agriculture, a beginning farmer must:

• Be an Ohio resident and not be associated with the agricultural assets being purchased or rented.
• Have less than 10 years of experience as a farm owner or operator.
• Have a net worth under $800,000 (including spouse and dependents, adjusted for inflation).
• Provide the majority of daily labor and management for the farm.
• Have adequate farming knowledge, should show projected profit potential, and participate in an approved financial management program.

Critical: Get Certified Before Any Deal Is Done

The beginning farmer must be certified before any transfer of assets takes place. Both parties need to coordinate early — you cannot close on a purchase and apply afterward.

How to Apply

Full details and approved course listings are at agri.ohio.gov — search “Beginning Farmer Tax Credit Program.”

Penrod & George Office Locations

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