S. 1263Senate108th Congress (2003-2005)In Committee

Rural Economic Investment Act of 2003

A bill to amend the Internal Revenue Code of 1986 to exclude from gross income interest received on loans secured by agricultural real property.

Introduced June 13, 2003

Legislative Activity

Stay on top of the latest movement without scrolling through every action

1 earlier action
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7881-7882)

June 13, 2003

View full timeline
SenateIntro Referral

Introduced in Senate

June 13, 2003

SenateIntro Referral

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S7881-7882)

June 13, 2003

Floor Debate

2 members

What members said about S. 1263 on the floor

2 Republicans
John McCain
Sen. John McCainR-AZ · Jun 13, 2003

Mr. President, today I am joined by the Chairman of the Senate Commerce Committee's Consumer Affairs and Product Safety Subcommittee, Senator Fitzgerald, in introducing the Consumer Product Safety…

Chuck Hagel
Sen. Chuck HagelR-NE · Jun 13, 2003

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Chuck Hagel
Sen. Chuck HagelR-NE · Jun 13, 2003

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued June 13, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1263 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 1263

To amend the Internal Revenue Code of 1986 to exclude from gross income
interest received on loans secured by agricultural real property.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

June 13, 2003

Mr. Hagel introduced the following bill; which was read twice and
referred to the Committee on Finance

_______________________________________________________________________

A BILL

To amend the Internal Revenue Code of 1986 to exclude from gross income
interest received on loans secured by agricultural real property.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Rural Economic Investment Act of
2003''.

SEC. 2. EXCLUSION FOR INTEREST ON LOANS SECURED BY AGRICULTURAL REAL
PROPERTY.

(a) In General.--Part III of subchapter B of chapter 1 of the
Internal Revenue Code of 1986 (relating to items specifically excluded
from gross income) is amended by inserting after section 132 the
following new section:

``SEC. 133. INTEREST ON LOANS SECURED BY AGRICULTURAL REAL PROPERTY.

``(a) Exclusion.--Gross income shall not include interest received
by a qualified lender on any qualified real estate loan.
``(b) Definitions.--For purposes of this section--
``(1) Qualified lender.--The term `qualified lender' means
any bank or savings association the deposits of which are
insured under the Federal Deposit Insurance Act (12 U.S.C. 1811
et seq.).
``(2) Qualified real estate loan.--The term `qualified real
estate loan' means any loan secured by agricultural real estate
or by a leasehold mortgage (with a status as a lien) on
agricultural real estate.
``(3) Agricultural real estate.--The term `agricultural
real estate' means--
``(A) real property used for the production of 1 or
more agricultural products, and
``(B) any single family residence--
``(i) which is the principal residence
(within the meaning of section 121) of its
occupant, and
``(ii) which is located in a rural area (as
determined by the Secretary of Agriculture)
with a population (determined on the basis of
the most recent decennial census for which data
are available) of 2,500 or less.''.
(b) Clerical Amendment.--The table of sections for such part III is
amended by inserting after the item relating to section 132 the
following new item:

``Sec. 133. Interest on loans secured by agricultural real
property.''.
(c) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act.
<all>