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Standard Summary
Comprehensive overview in 1-2 paragraphs
The ACRE Act excludes from gross income interest received on certain loans secured by rural or agricultural real property to improve access to credit in rural areas.
Key Points
- 1Excludes interest income from qualified rural and agricultural real estate loans
- 2Applies to loans made by banks, insurance companies, and Farm Credit System entities
- 3Covers rural residences, agricultural properties, fishing operations, and aquaculture facilities
- 4Excludes foreign adversary entities from benefiting
- 5Requires Treasury report on impact after 5 years
- 6Includes coordination with existing tax exemption provisions
Impact Areas
Rural property owners and farmersAgricultural lenders and financial institutionsRural economic developmentFederal tax revenueFarm Credit System
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