Bill
Bill > HR1822
summary
Introduced
03/04/2025
03/04/2025
In Committee
03/04/2025
03/04/2025
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to exclude from gross income interest received on certain loans secured by rural or agricultural real property.
AI Summary
This bill, known as the Access to Credit for our Rural Economy Act of 2025 (ACRE Act of 2025), amends the Internal Revenue Code to exclude from gross income the interest received on certain loans secured by rural or agricultural real property. The bill defines "qualified lenders" as specific types of financial institutions, including banks, insurance companies, and certain federally chartered instrumentalities. A "qualified real estate loan" is defined as a loan secured by rural or agricultural real estate, forestland, or a single-family residence in a rural area, with certain restrictions. The loan cannot be made to a "foreign adversary entity," which is specifically defined to include countries like China, Cuba, Iran, North Korea, Russia, and Venezuela under certain conditions. The bill limits single-family home loans to $750,000 and allows for refinancing of existing loans. The legislation aims to provide tax incentives for lending in rural and agricultural areas, with the Treasury required to submit a report to Congress within five years analyzing the impact of the law, including whether it has reduced interest rates on such loans. The provisions will apply to taxable years ending after the date of enactment.
Committee Categories
Budget and Finance
Sponsors (64)
Randy Feenstra (R)*,
Andy Barr (R),
Jack Bergman (R),
Stephanie Bice (R),
Gus Bilirakis (R),
Sanford Bishop (D),
Mike Bost (R),
Nikki Budzinski (D),
Salud Carbajal (D),
Buddy Carter (R),
Herbert Conaway (D),
Jim Costa (D),
Don Davis (D),
Monica De La Cruz (R),
Ron Estes (R),
Julie Fedorchak (R),
Cleo Fields (D),
Brad Finstad (R),
Michelle Fischbach (R),
Scott Fitzgerald (R),
Brian Fitzpatrick (R),
Mike Flood (R),
Sam Graves (R),
Diana Harshbarger (R),
Ashley Hinson (R),
Dusty Johnson (R),
Julie Johnson (D),
David Kustoff (R),
Darin LaHood (R),
Greg Landsman (D),
Tracey Mann (R),
Sarah McBride (D),
Lisa McClain (R),
April McClain-Delaney (D),
Kristen McDonald Rivet (D),
John McGuire (R),
Dan Meuser (R),
Mariannette Miller-Meeks (R),
John Moolenaar (R),
Blake Moore (R),
Nathaniel Moran (R),
Joe Neguse (D),
Zach Nunn (R),
Burgess Owens (R),
Jimmy Panetta (D),
Chris Pappas (D),
Brittany Pettersen (D),
Mark Pocan (D),
Deborah Ross (D),
Pat Ryan (D),
Andrea Salinas (D),
Derek Schmidt (R),
Hillary Scholten (D),
Terri Sewell (D),
Jefferson Shreve (R),
Bryan Steil (R),
David Valadao (R),
Jeff Van Drew (R),
Derrick Van Orden (R),
Eugene Vindman (D),
Ann Wagner (R),
Bruce Westerman (R),
Roger Williams (R),
Steve Womack (R),
Last Action
Referred to the House Committee on Ways and Means. (on 03/04/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/119th-congress/house-bill/1822/all-info |
| BillText | https://www.congress.gov/119/bills/hr1822/BILLS-119hr1822ih.pdf |
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