New Tax Credit Helps Beginning Farmers in Iowa
DES MOINES, Iowa (AP) A new tax credit program in Iowa gives a break to anyone hiring a beginning farmer to help with agricultural contract work.
The Iowa Finance Authority announced Thursday that the Custom Hire Tax Credit Program is accepting applications. The program was created by the Iowa Legislature earlier this year to provide a boost for beginning farmers.
The maximum credit that can be received is $50,000. Eligible farmers must be at least 18, an Iowa resident and have a net worth of no more than about $691,000.
Iowa Finance Authority Executive Director Dave Jamison says in a news release that the program will encourage beginning farmers to stay in the state.