,,ii #aai? ,,congress #a/ ,session ,s4 #hch ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #d1 #bjbe ,mr4 ,moran 7= himself1 ,mr4 ,k+1 ,mr4 ,tub]ville1 ,mr4 ,gallego1 & ,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 rural or agricultural real prop]ty4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,access to ,cr$it = our ,rural ,economy ,act ( #bjbe or z ! ,,acre ,act ( #bjbe4 #b4 ,exclusion ( int]e/ on loans secur$ 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$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq471 7#b7 any ,/ate- or f$]ally regulat$ insurance company1 7#c7 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$ ,/ates 7includ+ any t]ritory ( ! ,unit$ ,/ates71 7#d7 any entity :olly own$1 directly or indirectly1 by a company t is consid]$ an insurance hold+ company "u ! laws ( any ,/ate if su* entity satisfies ! requirem5ts describ$ 9 subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#c71 & 7#e7 ) respect to int]e/ receiv$ on a qualifi$ real e/ate loan secur$ by real e/ate describ$ 9 subsection 7c77#c77;,a71 any f$]ally *>t]$ in/rum5tality ( ! ,unit$ ,/ates e/abli%$ "u section #h4a7;a7 ( ! ,f>m ,cr$it ,act ( #aiga 7#ab ,u4,s4,c4 #bbgi;aa-#a7;a774 7c7 ,qualifi$ 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-- 7i7 rural or agricultural real e/ate or =e/l&1 or 7ii7 a leasehold mortgage 7) a /atus z a li57 on rural or agricultural real e/ate1 7,b7 :i* is made to a p]son o!r ?an a =eign adv]s>y entity1 7,c7 9 ! case ( any loan ) respect to s+le family resid5ce describ$ 9 p>agraph 7#c77;,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$7 exce$ #gej1jjj1 & 7,d7 made aft] ! date ( ! enactm5t ( ?is section4 ,= 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$4 7#b7 ,ref9anc+s ,= purposes ( subp>agraphs 7,a7 & 7,c7 ( p>agraph 7#a71 a loan %all n be treat$ z made aft] ! date ( ! enactm5t ( ?is section to ! ext5t t ! proce$s ( su* loan are us$ to ref9ance a loan :i* 0 made on or be=e ! date ( ! enactm5t ( ?is ,act 7or1 9 ! case ( any s]ies ( ref9anc+s1 ! orig9al loan 0 made on or be=e su* date74 7#c7 ,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$it ,act ( #aihg 7#ab ,u4,s4,c4 #bjai7;b77#c771 7,c7 any real prop]ty :i* is sub/antially us$ 9 ! trade or bus9ess ( fi%+ or seafood process+1 & 7,d7 any aquaculture facility4 7#d7 ,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 ,/ate or any t]ritory ( ! ,unit$ ,/ates4 7#e7 ,=eign adv]s>y entity 7,a7 ,9 g5]al ,! t]m =eign adv]s>y entity means-- 7i7 a =eign adv]s>y1 7ii7 a =eign p]son subject to ! jurisdiction (1 or organiz$ "u ! laws (1 a =eign adv]s>y1 & 7iii7 a =eign p]son own$1 direct$1 or controll$ by an entity describ$ 9 clause 7i7 or 7ii74 7,b7 ,=eign adv]s>y ,! t]m =eign adv]s>y means-- 7i7 ! ,p's ,republic ( ,*9a1 includ+ all ,special ,adm9i/rative ,regions1 7ii7 ! ,republic ( ,cuba1 7iii7 ! ,islamic ,republic ( ,iran1 7iv7 ! ,democratic ,p's ,republic ( ,korea1 7v7 ! ,russian ,f$]ation1 & 7vi7 ! ,boliv>ian ,republic ( ,v5ezuela dur+ any p]iod ( "t 9 :i* ,ni*ols ,maduro is ,presid5t ( ! ,republic4 7d7 ,coord9ation ) section #bfe ,qualifi$ 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 = "p ,,iii ( sub*apt] ,b ( *apt] #a ( ! ,int]nal ,rev5ue ,code ( #aihf 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 ,report to ,congress ,n lat] ?an #e ye>s aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 %all submit a writt5 report to ! ,committee on ,ways & ,means ( ,h\se ( ,repres5tatives & ! ,committee on ,f9ance ( ! ,s5ate analyz+ ! impact ( section #aci;,j ( ! ,int]nal ,rev5ue ,code ( #aihf 7z add$ by subsection 7a77 on qualifi$ real e/ate loans 7z def9$ 9 su* section71 includ+ :e!r su* section has result$ 9 a r$uction 9 ! rate ( int]e/ on su* loans4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to taxable ye>s end+ aft] ! date ( ! enactm5t ( ?is ,act4