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.

referredUnited States· United States Congress· EN

Introduced

1 April 1980

Last action

—

Status

Referred to Senate Committee on Finance.

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.

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Documents

1 official file

Introduced in Senate
summary · EN · 1 April 1980
Open at official source

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Sources

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Official source: https://www.congress.gov/bill/96th-congress/senate-bill/2503
Open data entity: https://api.congress.gov/v3/bill/96/s/2503