Americans living in Iowa can claim an amount of $50,000 in one-time payment from a $12 million pot intended for farmland and supply owners.
Residents in Iowa can get $50,000 in one-time payment. (Photo: CNET)
$50,000 in One-Time Payment
Farmland and supply owners in Iowa can claim an amount of $50,000 in one-time payment from a $12 million pot. This is part of Iowa’s Beginning Farmer Tax Credit which pays landowners and people with farm equipment for leasing to new farmers.
In a published article in The U.S. Sun, $50,000 in one-time payment or a part of it will be paid to the landowners and people with farm equipment for leasing to new farmers. This program aims to give incentives to people who are in the farming industry and encourage more people to get into farming.
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Criteria To Get the $50,000 Incentives
Here are the criteria to get the $50,000 one-time payment:
Age and residency
- To qualify, the asset owner must be an Iowa resident over the age of 18. The beginning farmer must also meet a host of requirements to help secure the success of their farm.
Education
- The farmer must meet certain standards of education and preparedness for the anticipated operations. Applicants must detail their education and experience in a letter attached to their application, the state said.
Capital
- They must also have access to enough capital and equipment to run the farm.
Net Worth
- However, they must have a net worth under $833,000, according to the Iowa Finance Authority.
Non-ownership
- They may not have more than 10% ownership of any agricultural asset included in the agreement. The tax credit is only awarded for leases of between two and five year periods, but can be repeated.
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