What is the official ID of this bill?
The official print number for this legislation is S 2371.
Tax Exemption for Interest on Rural and Agricultural Real Estate Loans.
This law exempts interest income received by qualified lenders from federal income tax when those loans are secured by rural or agricultural real estate. The goal is to encourage lenders to offer more favorable terms, potentially lowering borrowing costs for farmers and rural residents seeking mortgages or financing for agricultural operations. This applies to loans for farming land, aquaculture facilities, and principal residences in rural areas (up to $750,000).
Key points
Lenders (banks and savings associations) will not pay tax on interest earned from specific rural and agricultural loans, aiming to reduce borrowing costs for citizens.
The benefit covers loans used to purchase or improve a principal single-family residence in a rural area, limited to a $750,000 principal amount.
The tax exclusion also applies to loans secured by real estate used substantially for agricultural production or aquaculture facilities.
Status:
Expired
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