Tax Exemption for Agricultural Real Estate Loans and Rural Homes
This bill aims to exclude interest received on certain loans secured by agricultural real property from gross income. This means banks and other qualified financial institutions will not pay tax on interest earned from such loans, potentially encouraging them to offer more favorable lending terms to farmers and rural residents. These changes could make it easier to access financing for purchasing or improving agricultural land and single-family homes in rural areas.
Key points
Banks and qualified lenders will not pay tax on interest from agricultural real estate loans.
The bill covers loans for agricultural land and single-family homes in low-population rural areas.
This could lower borrowing costs for farmers and rural homeowners, facilitating investments.
Expired
Citizen Poll