Beginning Farmer Tax Credit Applicants:
Due to the partial government shutdown and the closure of FSA offices, we are accepting BFTC applications without the current FSA 156 form until FSA offices reopen.
- All other application requirements must be submitted with the application
- Once FSA offices reopen, applicants will have 2 weeks to send in their 156 forms
Beginning Farmer Tax Credit
The Iowa legislature made some changes to the BFTC program, starting in 2018:
- The allocation for Beginning Farmer Tax Credits is being reduced from $12 million to $6 million.
- There are currently more than $4 million in tax credits approved to carry over into 2019.
- We anticipate having approximately $2 million in tax credits to allocate in 2019.
- Other changes to the tax credit program for 2018 include a reduction in tax credits from 7% to 5% for cash rent leases and from 17% to 15% on crop share leases.
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