Bill netting tax break for young farmers passes Ohio Senate

COLUMBUS — House Bill 95, meant to assist younger farmers get started in a career in agriculture, was passed by the Ohio Senate last week. State Sen. Bill Reineke, R-Tiffin, was a cosponsor of the bill, dubbed the Family Farm ReGeneration Act. The legislation purports to help younger farmers "while aiding retiring farmers with passing on their assets on to the next generation," a release from Reineke's office states. 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 another for owners of agricultural property who sell or rent property to a beginning farmer. "Farmers beginning their career often find it difficult and expensive to enter the field, while at the same time retiring farmers often face burdensome financial and tax barriers when selling their land and assets," Reineke said in the release. "This will encourage our next generation of farmers and ease the financial burden of retiring farmers." The bill was primarily sponsored by State Sen. Susan Manchester, R-Waynesfield, and State Sen. Mary Lightbody, D-Westerville. HB 95 now awaits consideration by Gov. Mike DeWine.