TO CREATE THE ACCESS TO CREDIT FOR OUR RURAL ECONOMY (ACRE) ACT; AND TO PROVIDE AN INCOME TAX DEDUCTION FOR CERTAIN AGRICULTURAL LOANS.

Fiscal Impact Statement Bill: SB73 Bill Subtitle: TO CREATE THE ACCESS TO CREDIT FOR OUR RURAL ECONOMY (ACRE) ACT; AND TO PROVIDE AN INCOME TAX DEDUCTION FOR CERTAIN AGRICULTURAL LOANS. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Sen. B. Johnson and Rep. Beaty Basic Change: SB73 creates the "Access to Credit for Our Rural Economy (ACRE) Act," which provides an income tax deduction for the net interest income received by an eligible lending institution from a qualified agricultural loan. An eligible lending institution includes: • A national banking association; • A state bank and a registered out-of-state bank; • A state trust company; or • A federal savings bank. A qualified agricultural loan includes: • A loan made on personal property used for an agricultural purpose, including equipment and machinery, livestock, and crops; or • A loan secured by a first or second lien interest in real property that is substantially used to produce one or more agricultural products and meets certain loan balance requirements. An eligible lending institution may deduct its net interest income res