COLUMBUS — A new online farm management course offered by Ohio State University College of Food, Agricultural, and Environmental Sciences will help Ohio’s beginning farmers qualify for the requirements of the Ohio Department of Agriculture’s Beginning Farmer Tax Credit program.
Called “Farm On,” the self-paced, on-demand farm financial management course was created by Ohio State University Extension professionals and is offered through OSU Extension’s new Farm Financial Management and Policy Institute, said Eric Richer, assistant professor and OSU Extension field specialist in farm management and lead instructor for the course.
What’s unique about the Farm On course is that, not only does it comply with the regulations of the new Ohio House Bill 95 Beginning Farmer Tax Credit program, it also meets the borrower training requirements for the U.S. Department of Agriculture Farm Service Agency’s Beginning Farmer and Rancher Loan Program, Richer said.
The Farm On course includes multiple video lessons, 10 quizzes, 10 exercises, individual and group consultations and a 10-module course that covers the following topics: farm business planning, balance sheets, income statements, cash flow projections, calculating cost of production, farm record keeping, farm taxes, farm financing, risk management and farm business analysis
Ohio State University is the only educational institution in Ohio with a course like ‘Farm On’ that qualifies for ODA’s Beginning Farmer Tax Credit program and FSA’s Borrower Training Requirements.
The Ohio House Bill 95 Beginning Farmer Tax Credit program went into effect last July 2022 and grants a 3.99% tax credit to landowners who sell or lease assets to a certified Ohio beginning farmer. The new law also allows an Ohio tax credit to the certified beginning farmer equal to the cost of the financial management course completed, Richer said.
The Farm On course costs $300 per person. To sign up for Farm On, go to go.osu.edu/farmon.
