ACRE Act of 2023

Hozzl · 2024-01-03T08:15:17Z

Explore the details of House Bill 3139 ACRE Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/3/2024, 8:15 AM

Summary of Bill HR 3139

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.

Congressional Summary of HR 3139

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.

Read the Full Bill

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Current Status of Bill HR 3139

Bill HR 3139 is currently in the status of Bill Introduced since May 9, 2023. Bill HR 3139 was introduced during Congress 118 and was introduced to the House on May 9, 2023. Bill HR 3139's most recent activity was Referred to the House Committee on Ways and Means. as of May 9, 2023

Bipartisan Support of Bill HR 3139

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

106

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3139

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 3139

ACRE Act of 2023ACRE Act of 2023Access to Credit for our Rural Economy Act of 2023To amend the Internal Revenue Code of 1986 to exclude from gross income interest received on certain loans secured by rural or agricultural real property.

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