; and (2) recommendations with respect to access to land, farm business transition, and land tenure, including recommendations for Federal policy changes. C Creating financial incentives To benefit beginning farmers and ranchers 521. Removing barriers to farming through an eligible farmer tax credit (a) In general Subpart B of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 30E. Eligible farmer credits (a) Eligible farmer property sale credit In the case of a taxpayer who sells qualified farming property to an eligible farmer during the taxable year, there shall be allowed as a credit against the tax imposed by this chapter for such taxable year an amount equal to 10 percent of the sales price of such property. (b) Eligible farmer property purchase credit In the case of a taxpayer who is an eligible farmer and purchases qualified farming property during the taxable year, there shall be allowed as a credit against the tax imposed by this chapter for the taxable year an amount equal 10 percent of the purchase price of such property. (c) Definitions (1) Eligible farmer For purposes of this section— (A) In general The term eligible farmer means— (i) any socially disadvantaged farmer or rancher, as defined in section 2501(e)(2) of the Food, Agriculture, Conservation, and Trade Act of 1990 ( 7 U.S.C. 2279(e)(2) ), (ii) any veteran farmer or rancher (as defined in section 2501(e)(7) of such Act ( 7 U.S.C. 2279(e)(7) )), or (iii) any beginning farmer or rancher. (B) Beginning farmer or rancher (i) In general The term beginning farmer or rancher means an individual or entity who— (I) has not operated a farm or ranch, or who has operated a farm or ranch for not more than 10 consecutive years, and (II) will materially and substantially participate in the operation of the farm or ranch. (ii) Material and substantial participation For purposes of clause (i), the term material and substantial participation means— (I) in the case of an