The quest for parity with the Farm Credit System took another step forward last week, as the ACRE Act (S. 2371) advanced into the U.S. Senate.
Introduced by Senator Jerry Moran (R-KS) and co-sponsored by Senator Angus King (I-ME), the “Access to Credit for our Rural Economies Act,” would amend the Internal Revenue Code to exclude from gross income interest received on certain loans secured by rural and agricultural real property.
“Support for the ACRE Act is an absolute priority for IBAT in this Congress,” said IBAT President and CEO Christopher Williston. “A recent study from the University of Texas (outlined later in this newsletter) demonstrates the importance of rural banks for entrepreneurship and business growth throughout Texas. The ACRE Act will strengthen rural banks and provide the level playing field with government subsidized lenders that will keep these banks serving rural Texas well.”
IBAT’s Grassroots Action Center has been updated to allow members to urge Senators Cruz and Cornyn to sign on as co-sponsors of the ACRE Act. Please take a few minutes to answer that call to action. Take action today!