Sen. Mark Spreitzer and Rep. Jenna Jacobson Introduce Bill to Support Beginning Farmers

MADISON – Today, Senator Mark Spreitzer (D-Beloit) and Representative Jenna Jacobson (D-Oregon) introduced legislation to create a refundable tax credit for beginning and existing farmers for the sale or lease of agricultural assets, including farmland. LRB-4784 would create the Farming Forward Program in Wisconsin, which would help pass family farms on to the next generation by encouraging existing farmers to sell or lease farmland and machinery to beginning farmers and help beginning farmers with their startup costs.

Senator Spreitzer:

“Family farms and agriculture are central to Wisconsin’s heritage and to our economy. We are proud to introduce legislation today to uphold Wisconsin’s strong agricultural tradition by supporting our next generation of family farmers. Wisconsin’s farmers bolster our economy and feed our families, and we as a legislature should be doing all we can to support our current farmers, as well as the next generation.

“The Farming Forward Program would create an important incentive for established farmers to sell or rent agricultural assets – including land, machinery, equipment, facilities, and livestock – to beginning farmers at a more affordable price. The program will help beginning farmers afford critical startup costs and make needed investments in their farming operation to set themselves up for long-term success.”

Representative Jacobson:

“Family farms are at the heart of Wisconsin’s history and our communities. But many new farmers struggle with high startup costs, while retiring farmers often depend on selling or leasing their land for retirement income. The Farming Forward Program helps with both challenges by offering a 5% refundable tax credit to farmers who sell or lease land or equipment, and to beginning farmers who make improvements on their farms. This program supports Wisconsin’s proud tradition of family farming and helps keep farms in the next generation.”

LRB-4784 is available for cosponsorship by the members of the state legislature through November 14. The bill was modeled on a previous beginning farmer tax credit program in Wisconsin, as well as successful programs in Minnesota and Iowa.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.