Iowa Beginning Farmer Tax Credit Update 2014

The Iowa Finance Authority has revised the Beginning Farmer Tax Credit Program summary effective October 1, 2013 (10/01/13). For 2014, a beginning farmer may be qualified if their net worth is less than $678,731 according to the Iowa Finance Authority’s notice for January 1, 2014. Currently, the program summary contains an error in stating that net worth can be $691,172 in Qualification 2. I have inquired with the Iowa Finance Authority, and they said that a corrected program summary will be released soon.

This is a significant change from the December 31, 2012 program summary where a beginning farmer’s net worth could not exceed $366,324. So even if you have considered the credit in the past, but did not meet the net worth qualification, 2014 may be a good year to review the application again.

I have attached a copy of the current Beginning Farmer Tax Credit Program Summary, but keep in mind that Qualification 2 is incorrect that net worth can be $691,172 and should read $678,731 instead.

I will post a new copy of the summary as soon as I find that they have made the correction.

IA Beg Farmer Tax Credit Summary 10-01-2013