COLUMBUS—State Senator Louis W. Blessing III (R-Colerain Township) today announced the passage of House Bill 95 by the Ohio Senate, which would help younger farmers get started while aiding retiring farmers with passing on their assets on to the next generation.
"While barriers to entry for young farmers can be incredibly high, retiring farmers also face significant financial and tax barriers that make selling their land and assets difficult," Blessing said. "This bill will help retiring farmers pass on the legacy of Ohio's agricultural industry to the next generation."
The bill would establish the Beginning Farmer Tax Credit Program which creates two nonrefundable income tax credits; one for beginning farmers to attend a financial management program and the second for owners of agricultural property who sell or rent the property to a beginning farmer.
Among the requirements to qualify, beginning farmers must have farmed for less than ten years, have a household net worth of less than $800,000, and must perform the majority of the farm’s labor.
House Bill 95 will now be sent to Governor DeWine for further consideration.
To watch Senator Blessing speak on H.B. 95 during session today, click here