Tax Exemption for Rural and Agricultural Property Loans
This bill aims to exclude from gross income interest received on certain loans secured by rural or agricultural real property. This means banks and other qualified lenders will not pay tax on interest from such loans, potentially encouraging them to offer more favorable lending terms for individuals and businesses in rural and agricultural sectors. It also applies to loans for purchasing or improving single-family residences in rural areas.
Key points
Banks and qualified lenders will not pay tax on interest from loans secured by rural and agricultural properties.
This change may lower borrowing costs for farmers and rural residents, including for home purchases or improvements.
Applies to loans for agricultural properties, rural single-family homes, and aquaculture facilities.
Expired
Citizen Poll