Beginning farmers and ranchers in Minnesota have until October 1 to apply for a tax credit for the sale or lease of land, equipment, machinery and livestock. Minnesota Agriculture Commissioner Thom Petersen says its through the State Department of Agriculture’s Rural Finance Authority.

He says the importance of this tax credit program is increasing with farmers and ranchers in the state getting older and the amount of land changing hands rising,

Petersen says the first year of the program last year saw heavy interest.

Petersen says to qualify for the credit the applicant must be a Minnesota resident who wants to start farming or who began farming within the past ten years. They must have a net worth less than $836,000 and have enrolled in or completed an approved financial management program.