A bill 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.
3/25/2025, 10:56 AMSummary of Bill S 838
Bill 119 s 838, 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 gross income.The bill seeks to provide relief to individuals and businesses in rural and agricultural communities by allowing them to exclude the interest they receive on loans secured by their property from their taxable income. This exclusion would apply to loans that are used for purposes related to rural or agricultural activities.
By excluding this interest from gross income, the bill aims to incentivize lending to rural and agricultural communities, as well as provide financial relief to those who rely on these types of loans for their livelihood. This could potentially stimulate economic growth in these areas and support the sustainability of rural and agricultural businesses. Overall, Bill 119 s 838 seeks to support rural and agricultural communities by providing them with tax relief on interest received from loans secured by their property, ultimately aiming to promote economic development and stability in these areas.
Current Status of Bill S 838
Bill S 838 is currently in the status of Bill Introduced since March 4, 2025. Bill S 838 was introduced during Congress 119 and was introduced to the Senate on March 4, 2025. Bill S 838's most recent activity was Read twice and referred to the Committee on Finance. as of March 4, 2025Bipartisan Support of Bill S 838
Total Number of Sponsors
3Democrat Sponsors
0Republican Sponsors
3Unaffiliated Sponsors
0Total Number of Cosponsors
15Democrat Cosponsors
3Republican Cosponsors
9Unaffiliated Cosponsors
3Policy Area and Potential Impact of Bill S 838
Primary Policy Focus
Alternate Title(s) of Bill S 838
A bill 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.A bill 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.Comments
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Sponsors and Cosponsors of S 838
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