ICBA expressed its strong support for the House introduction of legislation to exempt from taxation interest income on farm real estate and rural mortgage loans.
ICBA-backed bill offering tax relief for rural lending introduced
May 12, 2023 / By ICBA
ICBA expressed its strong support for the House introduction of legislation to exempt from taxation interest income on farm real estate and rural mortgage loans.
ICBA expressed its strong support for the House introduction of legislation to exempt from taxation interest income on farm real estate and rural mortgage loans.
ACRE Act: Authored by Reps. Randy Feenstra (R-Iowa) and Wiley Nickel (D-N.C.), the Access to Credit for our Rural Economy (ACRE) Act (H.R. 3139) would provide relief for loans secured by agricultural and aquaculture real estate or by rural single-family homes that are the borrower's principal residence.
Impact: In a national news release and a letter to the lead sponsors, ICBA said the ACRE Act would:
Give lenders a strong incentive to remain in the rural farming and housing markets, thereby boosting local economic activity.
Offer community banks greater flexibility to work with farmers who may have trouble servicing their debt.
Assist those seeking to remain on the farm or acquire a home loan in rural communities by providing borrowers with more competitive rates and loan terms.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
