ACRE Act of 2023
The ACRE Act of 2023 excludes interest income from certain loans from taxation for qualified lenders. It applies to loans secured by rural or agricultural real estate (including single-family homes in designated rural areas with a $750,000 principal limit) or aquaculture facilities. Qualified lenders include insured banks and certain entities owned by bank holding companies. The bill aims to reduce tax burdens on lenders providing rural credit, making such financing more financially viable. It takes effect for taxable years after enactment.
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2023
Committee Review
Floor Vote
President
Introduced Jul 19, 2023
Last action Jul 19, 2023
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jul 19, 2023
Committee
Read twice and referred to the Committee on Finance.
upper
Jul 19, 2023
Introduced
Introduced in Senate
upper
1 primary · 6 co-sponsors
Sponsors
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