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

Senate Bill 73, known as the "Access to Credit for Our Rural Economy (ACRE) Act," proposed an amendment to Arkansas's income tax laws. It aimed to provide an income tax deduction for eligible lending institutions, such as national and state banks or trust companies. This deduction would apply to the net interest income received from "qualified agricultural loans." These qualified loans are defined as those made on personal property for agricultural purposes (like equipment or livestock) or on real property substantially used for agricultural production, meeting specific lien and loan-to-value requirements. The act was intended to take effect for tax years beginning on or after January 1, 2025.