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Relief for Small Farmers: Loan Forgiveness and Financial Support.

This act aims to forgive certain agricultural loan debts for eligible small farms. It provides financial relief to farmers who meet specific criteria, such as active farming and income limits. The forgiven amounts will not be taxed, further supporting the beneficiaries.
Key points
Up to $250,000 in farm loan debt forgiveness for eligible small farming operations.
Forgiven amounts will not be included in taxable income.
Farmers must continue active farming for 2 years after forgiveness to retain the benefit.
Available for loans made before March 19, 2020, including farm ownership, operating, and emergency loans.
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Expired
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Additional Information
Print number: 117_S_2023
Sponsor: Sen. Gillibrand, Kirsten E. [D-NY]
Process start date: 2021-06-10
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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_S_2023.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-10.

What are the main provisions?

Key points include:

  • Up to $250,000 in farm loan debt forgiveness for eligible small farming operations.
  • Forgiven amounts will not be included in taxable income.
  • Farmers must continue active farming for 2 years after forgiveness to retain the benefit.
  • Available for loans made before March 19, 2020, including farm ownership, operating, and emergency loans.
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 Sen. Gillibrand, Kirsten E. [D-NY].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Agriculture Taxes Economy