### Question
Can you define what first-time farmer means?


### Answer
**First-time farmer** is defined as the following in *26 U.S.C. § 147*:

> any individual if such individual—



(I) has not at any time had any direct or indirect ownership interest in substantial farmland in the operation of which such individual materially participated, and



(II) has not received financing under this paragraph in an amount which, when added to the financing to be provided under this paragraph, exceeds the amount in effect under subparagraph (A)

#### Citation:
  - *26 U.S.C. § 147*
  - Heading: **Subtitle A-Income Taxes > CHAPTER 1-NORMAL TAXES AND SURTAXES > Subchapter B-Computation of Taxable Income > PART IV-TAX EXEMPTION REQUIREMENTS FOR STATE AND LOCAL BONDS > Subpart A-Private Activity Bonds**

