The Access to Credit for our Rural Economy Act would exempt interest income from certain loans secured by rural and agricultural property from federal taxation. The bill specifically targets loans made by banks, credit unions, insurance companies, and farm credit agencies to farmers, ranchers, and rural homeowners for purchasing or improving agricultural land, forestland, single-family rural residences (up to $750,000), fishing operations, and aquaculture facilities—but excludes loans to entities connected to adversarial foreign countries like China, Russia, Iran, Cuba, North Korea, and Venezuela. The legislation would take effect for loans made after its enactment and would apply indefinitely with no sunset provision. The Treasury Department would be required to report to Congress within five years on whether the tax exemption has successfully reduced interest rates on these loans.
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