Tax Exemption for Agricultural Real Estate and Rural Home Loans.
New rules exempt interest from certain loans for agricultural real estate and single-family homes in rural areas from taxation. This aims to improve access to credit for farmers and rural residents, potentially lowering financing costs for agricultural investments and home purchases.
Key points
Banks and other qualified lenders will not pay tax on interest from loans secured by agricultural land.
The exemption also covers loans for purchasing or improving single-family homes in sparsely populated rural areas.
These changes could make agricultural and rural housing loans more affordable and accessible.
Expired
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