WHAT IF THE AGRICULTURAL ASSET OWNER AND/OR BEGINNING FARMER TERMINATES THE LEASE AGREEMENT?
Top A taxpayer or beginning farmer may terminate a lease as provided in the lease agreement or by law. The taxpayer must immediately notify the Authority of the termination. If the Authority determines that the taxpayer is not at fault for the termination, the Authority shall not issue a tax certificate to the taxpayer for any subsequent years based on the approved application. Any prior tax credit is allowed. The taxpayer may apply for and be issued another tax credit for the same agricultural assets for any remaining tax years for which a certificate was not issued. If the Authority determines that the taxpayer is at fault for the termination, any prior tax credits claimed will be recaptured and the amount of the tax credits claimed will be immediately due and payable to the Iowa Department of Revenue. If a taxpayer does not immediately notify the Authority of a termination, the taxpayer shall be deemed at fault for the termination.
Related Questions
- CAN THE AGRICULTURAL ASSET OWNER HAVE MORE THAN ONE TAX CREDIT IF THEY LEASE TO MORE THAN ONE BEGINNING FARMER?
- CAN A BEGINNING FARMER USE THE BFLP TO PURCHASE AGRICULTURAL PROPERTY FROM PARENTS, GRANDPARENTS OR SIBLINGS?
- WHAT IF THE AGRICULTURAL ASSET OWNER AND THE BEGINNING FARMER AGREE TO LEASE MODIFICATIONS AFTER APPROVAL?
