ACRE Act of 2023

1/3/2024, 8:15 AM

Access to Credit for our Rural Economy Act of 2023 or the ACRE Act of 2023

This bill excludes from the gross income of certain financial lending institutions, for income tax purposes, interest received on loans secured by rural or agricultural real estate.

The ACRE Act of 2023, also known as Bill 118 hr 3139, is a piece of legislation introduced in the US Congress aimed at addressing agricultural conservation and rural economy (ACRE) issues. The bill focuses on providing support and resources to farmers and ranchers to promote sustainable agricultural practices and protect natural resources.

Key provisions of the ACRE Act include:

1. Increasing funding for conservation programs: The bill allocates additional funding to programs that help farmers implement conservation practices on their land, such as soil health improvement, water quality protection, and wildlife habitat preservation. 2. Promoting sustainable agriculture: The ACRE Act encourages farmers to adopt sustainable farming practices that reduce environmental impact, such as crop rotation, cover cropping, and integrated pest management. 3. Supporting rural economies: The bill includes provisions to support rural economic development, such as funding for rural infrastructure projects, access to capital for small farmers, and assistance for rural businesses. 4. Enhancing research and education: The ACRE Act invests in research and education programs to help farmers stay informed about the latest agricultural practices and technologies that can improve productivity and sustainability. Overall, the ACRE Act of 2023 aims to promote conservation, sustainability, and economic growth in the agricultural sector, while also protecting natural resources and supporting rural communities.
Congress
118

Number
HR - 3139

Introduced on
2023-05-09

# Amendments
0

Sponsors
+5

Cosponsors
+5

Variations and Revisions

5/9/2023

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Access to Credit for our Rural Economy Act of 2023 or the ACRE Act of 2023

This bill excludes from the gross income of certain financial lending institutions, for income tax purposes, interest received on loans secured by rural or agricultural real estate.

The ACRE Act of 2023, also known as Bill 118 hr 3139, is a piece of legislation introduced in the US Congress aimed at addressing agricultural conservation and rural economy (ACRE) issues. The bill focuses on providing support and resources to farmers and ranchers to promote sustainable agricultural practices and protect natural resources.

Key provisions of the ACRE Act include:

1. Increasing funding for conservation programs: The bill allocates additional funding to programs that help farmers implement conservation practices on their land, such as soil health improvement, water quality protection, and wildlife habitat preservation. 2. Promoting sustainable agriculture: The ACRE Act encourages farmers to adopt sustainable farming practices that reduce environmental impact, such as crop rotation, cover cropping, and integrated pest management. 3. Supporting rural economies: The bill includes provisions to support rural economic development, such as funding for rural infrastructure projects, access to capital for small farmers, and assistance for rural businesses. 4. Enhancing research and education: The ACRE Act invests in research and education programs to help farmers stay informed about the latest agricultural practices and technologies that can improve productivity and sustainability. Overall, the ACRE Act of 2023 aims to promote conservation, sustainability, and economic growth in the agricultural sector, while also protecting natural resources and supporting rural communities.
Alternative Names
Official Title as IntroducedTo amend the Internal Revenue Code of 1986 to exclude from gross income interest received on certain loans secured by rural or agricultural real property.

Policy Areas
Taxation

Comments

Recent Activity

Latest Summary6/16/2023

Access to Credit for our Rural Economy Act of 2023 or the ACRE Act of 2023

This bill excludes from the gross income of certain financial lending institutions, for income tax purposes, interest received on loans secured b...


Latest Action5/9/2023
Referred to the House Committee on Ways and Means.