A bill to amend the Internal Revenue Code of 1954 to provide a refundable credit against income tax for certain interest on agricultural operating loans.

Summary

Amends the Internal Revenue Code to allow a refundable income tax credit for certain charges paid or incurred on agricultural operating loans (as defined by the Consolidated Farm and Rural Development Act) in excess of a 12 percent rate. Limits the application of this Act to loans whose payout period does not exceed 12 months and whose aggregate principal does not exceed $25,000.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 1 April 1980

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 1 April 1980

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in Senate

  summary · EN · 1 April 1980

  Open at official source

Sponsors

• Sen. Kassebaum, Nancy Landon [R-KS] · R · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Cosponsor
• Sen. Zorinsky, Edward [D-NE] · D · Cosponsor
• Sen. Exon, J. James [D-NE] · D · Cosponsor
• Sen. Culver, John C. [D-IA] · D · Cosponsor
• Sen. Young, Milton R. [R-ND] · R · Cosponsor
• Sen. Thurmond, Strom [R-SC] · R · Cosponsor
• Sen. Stewart, Donald [D-AL] · D · Cosponsor
• Sen. Pressler, Larry [R-SD] · R · Cosponsor
• · ssfi00 · Standing

Related records

• related to → A bill to amend the Internal Revenue Code to provide tax credits for interest on certain agricultural operating loans.