State Rep. Mary Lightbody (D-Westerville) today announced the Ohio House passage of House Bill (HB) 95, which would 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.
“The challenges facing young farmers might seem overwhelming. This bill creates a pilot program to help with the transition from older farmers who wish to retire but want to transition their farm to young Ohioans who wish to get started as farmers,” said Rep. Lightbody. “Today’s bipartisan vote demonstrates our shared commitment to Ohio’s farmers. I hope that the bill will move expeditiously through the Senate and on to the Governor’s desk this time so farmers in the near future will benefit from the opportunity.”
This legislation would:
- 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.
The bill now moves to the Ohio Senate for further hearings.