,,ii  #aah? ,,congress  #a/ ,session    
,s4 #bcga  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #ai1 #bjbc,mr4   
,moran 7= himself & ,mr4 ,k+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 rural  
or agricultural real prop]ty4  #a4 ,%ort
 title ,?is ,act may be cit$ z ! ,access
 to ,cr$it = our ,rural ,economy ,act ( 
#bjbc or z ! ,,acre ,act ( #bjbc4  #b4  
,exclusion ( int]e/ on loans secur$ by  
rural or 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;,i 
! foll[+ new section3  #aci;,j4 ,int]e/ 
on loans secur$ by rural or agricultural
 real prop]ty  7a7 ,9 g5]al ,gross      
income %all n include int]e/ receiv$ by 
a qualifi$ l5d] on any qualifi$ real    
e/ate loan4  7b7 ,qualifi$ l5d] ,=      
purposes ( ?is section1 ! t]m qualifi$  

l5d] means-- 7#a7 any bank or sav+s     
association ! deposits ( :i* are insur$ 
"u ! ,f$]al ,deposit ,insurance ,act    
7#ab ,u4,s4,c4 #ahaa et seq471 &  7#b7  
any entity :olly own$1 directly or      
indirectly1 by a company t is treat$ z a
 bank hold+ company = purposes ( section
 #h ( ! ,int]national ,bank+ ,act (     
#aigh 7#ab ,u4,s4,c4 #cajf7 if-- 7,a7   
su* entity is organiz$1 incorporat$1 or 
e/abli%$ "u ! laws ( ! ,unit$ ,/ates or 
any ,/ate ( ! ,unit$ ,/ates1 &  7,b7 !  
pr9cipal place ( bus9ess ( su* entity is
 9 ! ,unit$ ,/ates4  7c7 ,qualifi$ real 
e/ate loan ,= purposes ( ?is section--  
7#a7 ,9 g5]al ,! t]m qualifi$ real e/ate
 loan means any loan-- 7,a7 secur$ by   
rural or agricultural real e/ate or by a
 leasehold mortgage 7) a /atus z a li57 
on rural or agricultural real e/ate1 &  
7,b7 9 ! case ( any loan ) respect to   
s+le family resid5ce describ$ 9 p>agraph
 7#b77;,b7-- 7i7 ! proce$s ( :i* are us$
 to pur*ase or improve su* resid5ce1 &  
7ii7 ! pr9cipal ( :i* 7:5 add$ to !     

pr9cipal ( all o!r su* loans ) respect  
to su* resid5ce7 does n 7z ( ! "t !     
int]e/ income on su* loan is accru$7    
exce$ #gej1jjj4  ,= purposes ( ! prec$+ 
s5t5ce1 ! det]m9ation ( :e!r prop]ty    
secur+ su* loan is rural or agricultural
 real e/ate %all be made z ( ! "t !     
int]e/ income on su* loan is accru$4    
7#b7 ,rural or agricultural real e/ate  
,! t]m rural or agricultural real e/ate 
means-- 7,a7 any real prop]ty :i* is    
sub/antially us$ = ! 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 )9 ! mean+ ( section         
#a4aa7;b77#c7 ( ! ,agricultural ,cr$it  
,act ( #aihg 7#ab ,u4,s4,c4             
#bjai7;b77#c771 &  7,c7 any aquaculture 
facility4  7#c7 ,aquaculture facility ,!
 t]m aquaculture facility means any l&1 
/ructure1 or o!r appurt5ance t is us$ = 
aquaculture 7includ+ any hat*]y1 re>+   
pond1 raceway1 p51 or incubator7 t is   

locat$ 9 any ,/ate4  7d7 ,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;,i ! foll[+ new item3  ,sec4      
#aci;,j4 ,int]e/ on loans secur$ by     
rural or 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