,,ii #aaith ,,congress #ast ,session ,s4 #hch ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #d1 #bjbe ,mr4 ,moran 7for himself1 ,mr4 ,king1 ,mr4 ,tuberville1 ,mr4 ,gallego1 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 rural or agricultural real property4 #a4 ,short title ,this ,act may be cited as the ,access to ,credit for our ,rural ,economy ,act of #bjbe or as the ,,acre ,act of #bjbe4 #b4 ,exclusion of interest on loans secured by rural or 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;,i the following new section3 #aci;,j4 ,interest on loans secured by rural or agricultural real property 7a7 ,in general ,gross income shall not include interest received by a qualified lender on any qualified real estate loan4 7b7 ,qualified lender ,for purposes of this section1 the term qualified lender means-- 7#a7 any bank or savings association the deposits of which are insured under the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq471 7#b7 any ,state- or federally regulated insurance company1 7#c7 any entity wholly owned1 directly or indirectly1 by a company that is treated as a bank holding company for purposes of section #h of the ,international ,banking ,act of #aigh 7#ab ,u4,s4,c4 #cajf7 if-- 7,a7 such entity is organized1 incorporated1 or established under the laws of the ,united ,states or any ,state of the ,united ,states1 and 7,b7 the principal place of business of such entity is in the ,united ,states 7including any territory of the ,united ,states71 7#d7 any entity wholly owned1 directly or indirectly1 by a company that is considered an insurance holding company under the laws of any ,state if such entity satisfies the requirements described in subparagraphs 7,a7 and 7,b7 of paragraph 7#c71 and 7#e7 with respect to interest received on a qualified real estate loan secured by real estate described in subsection 7c77#c77;,a71 any federally chartered instrumentality of the ,united ,states established under section #h4a7;a7 of the ,farm ,credit ,act of #aiga 7#ab ,u4,s4,c4 #bbgi;aa-#a7;a774 7c7 ,qualified real estate loan ,for purposes of this section-- 7#a7 ,in general ,the term qualified real estate loan means any loan-- 7,a7 secured by-- 7i7 rural or agricultural real estate or forestland1 or 7ii7 a leasehold mortgage 7with a status as a lien7 on rural or agricultural real estate1 7,b7 which is made to a person other than a foreign adversary entity1 7,c7 in the case of any loan with respect to single family residence described in paragraph 7#c77;,b7-- 7i7 the proceeds of which are used to purchase or improve such residence1 and 7ii7 the principal of which 7when added to the principal of all other such loans with respect to such residence7 does not 7as of the time the interest income on such loan is accrued7 exceed #gej1jjj1 and 7,d7 made after the date of the enactment of this section4 ,for purposes of the preceding sentence1 the determination of whether property securing such loan is rural or agricultural real estate shall be made as of the time the interest income on such loan is accrued4 7#b7 ,refinancings ,for purposes of subparagraphs 7,a7 and 7,c7 of paragraph 7#a71 a loan shall not be treated as made after the date of the enactment of this section to the extent that the proceeds of such loan are used to refinance a loan which was made on or before the date of the enactment of this ,act 7or1 in the case of any series of refinancings1 the original loan was made on or before such date74 7#c7 ,rural or agricultural real estate ,the term rural or agricultural real estate means-- 7,a7 any real property which is substantially used for the production of one or more agricultural products1 7,b7 any single family residence-- 7i7 which is the principal residence 7within the meaning of section #aba7 of its occupant1 and 7ii7 which is located in a rural area within the meaning of section #a4aa7;b77#c7 of the ,agricultural ,credit ,act of #aihg 7#ab ,u4,s4,c4 #bjai7;b77#c771 7,c7 any real property which is substantially used in the trade or business of fishing or seafood processing1 and 7,d7 any aquaculture facility4 7#d7 ,aquaculture facility ,the term aquaculture facility means any land1 structure1 or other appurtenance that is used for aquaculture 7including any hatchery1 rearing pond1 raceway1 pen1 or incubator7 that is located in any ,state or any territory of the ,united ,states4 7#e7 ,foreign adversary entity 7,a7 ,in general ,the term foreign adversary entity means-- 7i7 a foreign adversary1 7ii7 a foreign person subject to the jurisdiction of1 or organized under the laws of1 a foreign adversary1 and 7iii7 a foreign person owned1 directed1 or controlled by an entity described in clause 7i7 or 7ii74 7,b7 ,foreign adversary ,the term foreign adversary means-- 7i7 the ,people's ,republic of ,china1 including all ,special ,administrative ,regions1 7ii7 the ,republic of ,cuba1 7iii7 the ,islamic ,republic of ,iran1 7iv7 the ,democratic ,people's ,republic of ,korea1 7v7 the ,russian ,federation1 and 7vi7 the ,bolivarian ,republic of ,venezuela during any period of time in which ,nichols ,maduro is ,president of the ,republic4 7d7 ,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 part ,,iii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #aci;,i the following new item3 ,sec4 #aci;,j4 ,interest on loans secured by rural or agricultural real property4 4 7c7 ,report to ,congress ,not later than #e years after the date of the enactment of this ,act1 the ,secretary of the ,treasury 7or the ,secretary's delegate7 shall submit a written report to the ,committee on ,ways and ,means of ,house of ,representatives and the ,committee on ,finance of the ,senate analyzing the impact of section #aci;,j of the ,internal ,revenue ,code of #aihf 7as added by subsection 7a77 on qualified real estate loans 7as defined in such section71 including whether such section has resulted in a reduction in the rate of interest on such loans4 7d7 ,effective date ,the amendments made by this section shall apply to taxable years ending after the date of the enactment of this ,act4