To amend the Internal Revenue Code of 1986 to allow a credit to first-time farmers for purchases of farmland and farm equipment.

Amends the Internal Revenue Code to allow general business credits to first-time farmers for the purchase of farmland and farm equipment equal to ten percent of their cost. Limits the farmland credit to $35,000 ($17,500 in the case of a separate return by a married individual). Limits the farm equipment credit to $15,000 ($7,500 in the case of such separate return).