COLUMBUS– State Rep. Mary Lightbody (D-Westerville) announced that the governor signed House Bill (HB) 95, her legislation to into law Monday. HB 95 will ease the transition to the next generation of Ohio farmers by establishing a tax credit to assist beginner farmers in the transfer of land, equipment, and other agricultural assets.
“In Ohio, agriculture is the backbone of our economy— one out of eight Ohioans work in this industry. The next generation of Ohio’s farmers face challenges in accessing capital for land and equipment. This bill creates a pilot program to help with the transition from older farmers who wish to retire and want to transition their farms to young Ohioans. This will give the next generation a great opportunity to get started as farmers,” said Rep. Lightbody. “This bipartisan law demonstrates our shared commitment to Ohio’s farmers. Please contact my office for more information.”
HB 95 will:
Authorize a nonrefundable income tax credit for individuals or businesses that sell or rent farmland, livestock, buildings, or equipment to beginning farmers and for beginning farmers who attend a financial management program to qualify for the program;
Require the Department of Agriculture (ODA), and permit land grant state universities, to certify individuals as beginning farmers;
Sunset the tax credit after five years and limit the total amount of tax credits awarded during that period to $10 million total.
HB 95 will go into effect in 90 days.