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.

Referred to the House Committee on Ways and Means.

Bill 119 HR 1822, also known as the Rural and Agricultural Real Property Interest Exclusion Act, aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to exclude interest received on certain loans that are secured by rural or agricultural real property from being considered as part of an individual's gross income.

This bill is specifically targeted towards individuals who have taken out loans that are secured by rural or agricultural real property. By excluding the interest received on these loans from gross income, individuals will be able to save money on their taxes and potentially have more funds available for investment or other financial needs.

The bill does not specify any limitations on the amount of interest that can be excluded or the types of loans that qualify for this exclusion. However, it is important to note that this exclusion only applies to interest received on loans that are secured by rural or agricultural real property. Overall, the Rural and Agricultural Real Property Interest Exclusion Act aims to provide financial relief to individuals who have taken out loans secured by rural or agricultural real property by excluding the interest received on these loans from gross income.