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SF 3580

as introduced - 91st Legislature (2019 - 2020) Posted on 02/25/2020 09:35am

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to agriculture; appropriating money for grants to farmers for certain loan
origination fees.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text beginFARM CRISIS LOAN ORIGINATION FEE GRANT PROGRAM.
new text end

new text begin (a) $880,000 in fiscal year 2020 is appropriated from the general fund to the commissioner
of agriculture for grants to eligible farmers who have been approved for farm debt
restructuring loans guaranteed by the United States Department of Agriculture (USDA),
Farm Service Agency or issued under a loan program administered by the Rural Finance
Authority. The commissioner must award an eligible farmer a grant in an amount equal to
the loan origination fee amount required for the farmer to obtain the USDA, Farm Service
Agency guaranteed loan or Rural Finance Authority program loan.
new text end

new text begin (b) For purposes of this section, "eligible farmer" means an individual who regularly
participates in physical labor or operations management in the individual's farming operation
and files "Schedule F" as part of the person's annual Form 1040 filing with the United States
Internal Revenue Service or a family farm organized under Minnesota Statutes, section
500.24, if the individual or family farm:
new text end

new text begin (1) has a total net worth of less than $800,000 in calendar year 2020; and
new text end

new text begin (2) is either in mediation proceedings under Minnesota Statutes, chapter 583, or has
received a mediation notice under Minnesota Statutes, section 583.26, subdivision 1,
paragraph (a).
new text end

new text begin (c) The commissioner must give first priority to grant applicants who are currently in
mediation under Minnesota Statutes, chapter 583, and must give second priority to grant
applicants who have received a mediation notice under Minnesota Statutes, section 583.26,
subdivision 1, paragraph (a).
new text end

new text begin (d) The amount appropriated under this section is onetime and is available until June
30, 2023.
new text end

new text begin (e) The commissioner may use up to ten percent of the amount appropriated under this
section to administer the grant program.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end