The Agricultural Assets Transfer Tax Credit is commonly referred to as the Beginning Farmer Tax Credit. The program is administered by the Iowa Agricultural Development Division and began with the 2007 tax year. The Beginning Farmer Tax Credit Program was enacted by the Iowa legislature during the 2006 legislative session as an incentive to keep land in production agriculture, by allowing agricultural asset owners to earn tax credit for leasing their land to beginning farmers. The program includes tax credit for the leasing of agricultural land, depreciable machinery or equipment, breeding livestock and buildings.