Homestead Credit a big policy win for Minnesota Soybean Growers
A policy priority for the Minnesota Soybean Growers Association passed during the recently completed legislative session.
President Bob Worth says the association has been seeking to raise the valuation limit of the Homestead Tax Credit for nearly three years.
“The Homestead Tax Credit has not kept up with the value of land. As the land goes up, the acres that we’ve got to use the Homestead Credit on shrunk considerably.”
Lawmakers agreed to increase the limit from $2.2 million to $3.5 million.
The Lincoln County corn and soybean grower tells Brownfield that means more owned acres will be eligible for the credit.
“So it’s really a big savings. It saves about 50 percent of (what is) taxed on that piece of property with the Homestead Credit.”
With the changes, Worth says the tax credit automatically increases when land values go up.