,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #afda  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #bc 7legislative  
day1 ,may #bb71 #bjai,mr4 ,rob]ts 7=    
himself1 ,mr4 ,moran1 ,mr4 ,hoev51 &    
,mr4 ,cram]7 introduc$ ! foll[+ bill2   
:i* 0 read twice & ref]r$ to !          
,committee on ,f9ance  ,a ,,bill  ,to   
am5d ! ,int]nal ,rev5ue ,code ( #aihf to
 exclude f gross income int]e/ receiv$  
on c]ta9 loans secur$ by agricultural   
real prop]ty4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,enhanc+ ,cr$it        
,opportunities 9 ,rural ,am]ica ,act (  
#bjai or z ! ,,ecora ,act ( #bjai4  #b4 
,exclusion = int]e/ on loans secur$ by  
agricultural real prop]ty  7a7 ,9 g5]al 
,"p ,,iii ( sub*apt] ,b ( *apt] #a ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] section #aci;,g ! foll[+ 
new section3  #aci;,h4 ,int]e/ on loans 
secur$ by agricultural real prop]ty  7a7
 ,exclusion ,gross income %all n include
 int]e/ receiv$ by a qualifi$ l5d] on   
any qualifi$ real e/ate loan4  7b7      

,def9itions ,= purposes ( ?is section-- 
7#a7 ,qualifi$ l5d] ,! t]m qualifi$ l5d]
 means any bank or sav+s association !  
deposits ( :i* are insur$ "u ! ,f$]al   
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahaa et seq474  7#b7 ,qualifi$ real    
e/ate loan ,! t]m qualifi$ real e/ate   
loan means any loan secur$ by           
agricultural real e/ate or by a         
leasehold mortgage 7) a /atus z a li57  
on agricultural real e/ate4 ,= purposes 
( ! prec$+ s5t5ce1 ! det]m9ation ( :e!r 
prop]ty secur+ su* loan is agricultural 
real e/ate %all be made z ( ! "t !      
int]e/ income on su* loan is accru$4    
7#c7 ,agricultural real e/ate ,! t]m    
agricultural real e/ate means-- 7,a7    
real prop]ty :i* is sub/antially us$ = !
 production ( "o or m agricultural      
products1 &  7,b7 any s+le family       
resid5ce-- 7i7 :i* is ! pr9cipal        
resid5ce 7)9 ! mean+ ( section #aba7 (  
its occupant1  7ii7 :i* is locat$ 9 a   
rural area 7z det]m9$ by ! ,secret>y (  
,agriculture71 :i* is n )9 a            

,metropolitan ,/ati/ical ,area 7z def9$ 
by ! ,(fice ( ,managem5t & ,budget7 &   
:i* has a population 7det]m9$ on ! basis
 ( ! mo/ rec5t dec5nial c5sus = :i* data
 are available7 ( #b1ejj or less1 &     
7iii7 :i* is pur*as$ or improv$ ) !     
proce$s ( ! qualifi$ real e/ate loan4   
7c7 ,coord9ation ) section #bfe         
,qualifi$ real e/ate loans %all be      
treat$ z obligations describ$ 9 section 
#bfe7;a77#b7 ! int]e/ on :i* is :olly   
exempt f ! taxes impos$ by ?is subtitle4
  4  7b7 ,cl]ical am5dm5t ,! table (    
sections = su* "p ,,iii is am5d$ by     
ins]t+ aft] ! item relat+ to section    
#aci;,g ! foll[+ new item3  ,sec4       
#aci;,h4 ,int]e/ on loans secur$ by     
agricultural real prop]ty4  4  7c7      
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ! date ( ! enactm5t ( ?is   
,act4