,,ii  #aafth ,,congress  #ast ,session  
,s4 #afda  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,may #bc       
7legislative day1 ,may #bb71 #bjai,mr4  
,roberts 7for himself1 ,mr4 ,moran1 ,mr4
 ,hoeven1 and ,mr4 ,cramer7 introduced  
the following bill2 which was read twice
 and referred to the ,committee on      
,finance  ,a ,,bill  ,to amend the      
,internal ,revenue ,code of #aihf to    
exclude from gross income interest      
received on certain loans secured by    
agricultural real property4  #a4 ,short 
title ,this ,act may be cited as the    
,enhancing ,credit ,opportunities in    
,rural ,america ,act of #bjai or as the 
,,ecora ,act of #bjai4  #b4 ,exclusion  
for interest on loans secured by        
agricultural real property  7a7 ,in     
general ,part ,,iii of subchapter ,b of 
chapter #a of the ,internal ,revenue    
,code of #aihf is amended by inserting  
after section #aci;,g the following new 
section3  #aci;,h4 ,interest on loans   
secured by agricultural real property   

7a7 ,exclusion ,gross income shall not  
include interest received by a qualified
 lender on any qualified real estate    
loan4  7b7 ,definitions ,for purposes of
 this section-- 7#a7 ,qualified lender  
,the term qualified lender means any    
bank or savings association the deposits
 of which are insured under the ,federal
 ,deposit ,insurance ,act 7#ab ,u4,s4,c4
 #ahaa et seq474  7#b7 ,qualified real  
estate loan ,the term qualified real    
estate loan means any loan secured by   
agricultural real estate or by a        
leasehold mortgage 7with a status as a  
lien7 on agricultural real estate4 ,for 
purposes of the preceding sentence1 the 
determination of whether property       
securing such loan is agricultural real 
estate shall be made as of the time the 
interest income on such loan is accrued4
  7#c7 ,agricultural real estate ,the   
term agricultural real estate means--   
7,a7 real property which is             
substantially used for the production of
 one or more agricultural products1 and 

7,b7 any single family residence-- 7i7  
which is the principal residence 7within
 the meaning of section #aba7 of its    
occupant1  7ii7 which is located in a   
rural area 7as determined by the        
,secretary of ,agriculture71 which is   
not within a ,metropolitan ,statistical 
,area 7as defined by the ,office of     
,management and ,budget7 and which has a
 population 7determined on the basis of 
the most recent decennial census for    
which data are available7 of #b1ejj or  
less1 and  7iii7 which is purchased or  
improved with the proceeds of the       
qualified real estate loan4  7c7        
,coordination with section #bfe         
,qualified real estate loans shall be   
treated as obligations described in     
section #bfe7;a77#b7 the interest on    
which is wholly exempt from the taxes   
imposed by this subtitle4  4  7b7       
,clerical amendment ,the table of       
sections for such part ,,iii is amended 
by inserting after the item relating to 
section #aci;,g the following new item3 

,sec4 #aci;,h4 ,interest on loans       
secured by agricultural real property4  
4  7c7 ,effective date ,the amendments  
made by this section shall apply to     
taxable years beginning after the date  
of the enactment of this ,act4