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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.