,,ii  #aaf? ,,congress  #b;d ,session   
,s4 #cfjb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,may #e1 #bjbj,mrs4    
,gillibr& 7= h]self1 ,mr4 ,m]kley1 ,mr4 
,book]1 & ,mr4 ,wyd57 introduc$ ! foll[+
 bill2 :i* 0 read twice & ref]r$ to !   
,committee on ,f9ance  ,a ,,bill  ,to   
provide loan =giv5ess = c]ta9 borr[]s ( 
,dep>tm5t ( ,agriculture direct f>m     
loans1 & = o!r purposes4  #a4 ,%ort     
title ,?is ,act may be cit$ z ! ,relief 
= ,am]ica's ,small ,f>m]s ,act4  #b4    
,direct f>m loan =giv5ess  7a7          
,def9itions ,9 ?is section3 7#a7        
,eligible borr[] ,! t]m eligible borr[] 
means a borr[] ( an eligible loan t is  
actively engag$ 9 f>m+ 7)9 ! mean+ (    
section #ajja;,a ( ! ,food ,security    
,act ( #aihe 7#g ,u4,s4,c4 #acjh-a77 )  
respect to a f>m+ op]ation-- 7,a7 = :i* 
! eligible loan 0 made2 &  7,b7 ! av]age
 annual adju/$ gross income = ! previ\s 
#e-ye> p]iod ( :i* is n m ?an #cjj1jjj4 
7#b7 ,eligible loan ,! t]m eligible loan
 means a loan made be=e ,m>* #ai1 #bjbj1

 t is-- 7,a7 a direct f>m own]%ip loan  
"u subtitle ,a ( ! ,consolidat$ ,f>m &  
,rural ,developm5t ,act 7#g ,u4,s4,c4   
#aibb et seq472  7,b7 a direct op]at+   
loan "u subtitle ,b ( ! ,consolidat$    
,f>m & ,rural ,developm5t ,act 7#g      
,u4,s4,c4 #aida et seq472 or  7,c7 an   
em]g5cy loan "u subtitle ,c ( !         
,consolidat$ ,f>m & ,rural ,developm5t  
,act 7#g ,u4,s4,c4 #aifa et seq474  7#c7
 ,secret>y ,! t]m ,secret>y means !     
,secret>y ( ,agriculture4  7b7 ,loan    
=giv5ess  7#a7 ,9 g5]al ,n lat] ?an #a  
ye> aft] ! date on :i* ! ,secret>y      
receives an application "u p>agraph     
7#b71 subject to p>agraphs 7#c7 & 7#d71 
! ,secret>y %all cancel ! obligation to 
repay ! balance ( pr9cipal & int]e/ due 
z ( ! date ( enactm5t ( ?is ,act on an  
eligible loan = ! eligible borr[]4  7#b7
 ,applications ,to be eligible =        
cancellation "u p>agraph 7#a71 n lat]   
?an #a ye> aft] ! date ( enactm5t ( ?is 
,act1 an eligible borr[] %all submit to 
! ,secret>y an application1 :i* %all    

cov] all eligible loans = :i* ! eligible
 borr[] is seek+ cancellation4  7#c7    
,limitations ,! total am\nt cancell$ "u 
p>agraph 7#a7 ) respect to a f>m+       
op]ation %all be n m ?an #bej1jjj4  7#d7
 ,condition ,! cancellation ( an        
obligation "u p>agraph 7#a7 %all be     
subject to ! condition t ! applicable   
eligible borr[] %all cont9ue to be      
actively engag$ 9 f>m+ 7)9 ! mean+ (    
section #ajja;,a ( ! ,food ,security    
,act ( #aihe 7#g ,u4,s4,c4 #acjh-a77 = !
 #b-ye> p]iod beg9n+ on ! date on :i* ! 
,secret>y cancels ! obligation "u t     
p>agraph4  7c7 ,effect ,an eligible     
borr[] t receives cancellation ( an     
obligation ) respect to an eligible loan
 "u subsection 7b77#a7 %all n be det]m9$
 to be ineligible = any loan "u subtitle
 ,a1 ,b1 or ,c ( ! ,consolidat$ ,f>m &  
,rural ,developm5t ,act 7#g ,u4,s4,c4   
#aibb et seq47 because ( t cancellation4
  7d7 ,taxability ,= purposes ( !       
,int]nal ,rev5ue ,code ( #aihf1 any     
am\nt :i* 7b = ?is subsection7 w\ld be  

includible 9 gross income ( ! eligible  
borr[] by reason ( =giv5ess describ$ 9  
subsection 7b7 %all be exclud$ f gross  
income4