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Small Farmer Debt Forgiveness: Financial Relief and Support

This act aims to forgive certain federal loan debts for small farmers. Farmers meeting specific income criteria and actively engaged in farming can receive significant financial relief, improving their economic stability. The forgiven amounts will not be considered taxable income.
Key points
Loan Forgiveness: Farmers can apply for forgiveness of principal and interest balances on certain Department of Agriculture loans taken out before March 19, 2020.
Eligibility Criteria: To qualify, a farmer must be actively engaged in farming, and their average annual adjusted gross income over the past 5 years must not exceed $300,000.
Forgiveness Limit: The maximum amount of forgiveness for a single farming operation is $250,000.
Continuation Condition: The farmer must continue active farming for 2 years after the debt is forgiven.
Tax Exemption: Forgiven amounts will not be treated as taxable income.
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Additional Information
Print number: 117_HR_3782
Sponsor: Rep. Maloney, Sean Patrick [D-NY-18]
Process start date: 2021-06-08
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Relief for America's Small Farmers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_3782.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-06-08.

What are the main provisions?

Key points include:

  • Loan Forgiveness: Farmers can apply for forgiveness of principal and interest balances on certain Department of Agriculture loans taken out before March 19, 2020.
  • Eligibility Criteria: To qualify, a farmer must be actively engaged in farming, and their average annual adjusted gross income over the past 5 years must not exceed $300,000.
  • Forgiveness Limit: The maximum amount of forgiveness for a single farming operation is $250,000.
  • Continuation Condition: The farmer must continue active farming for 2 years after the debt is forgiven.
  • Tax Exemption: Forgiven amounts will not be treated as taxable income.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Maloney, Sean Patrick [D-NY-18].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Agriculture Taxes Economy