Relief for America's Small Farmers Act
- Last Action
- 7/7/2021
Actions
- 2021-07-07Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
- 2021-06-08Referred to the Committee on Agriculture, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-06-08Referred to the Committee on Agriculture, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- 2021-06-08Introduced in House
- 2021-06-08Introduced in House
CRS Summary
As of 2021-06-08 (00)
Relief for America's Small Farmers Act
This bill provides loan forgiveness of up to $250,000 for certain borrowers who are actively engaged in farming, have an average annual adjusted gross income of $300,000 or less over the previous five years, and have certain Department of Agriculture farm loans.
The loan forgiveness is subject to the condition that the applicable borrower must continue to be actively engaged in farming for at least two years after receiving such forgiveness.
Cosponsors (7)
- Antonio Delgado (D-NY)
- Chellie Pingree (D-ME)
- Peter Welch (D-VT)
- Ann Kuster (D-NH)
- Jahana Hayes (D-CT)
- Dwight Evans (D-PA)
- Suzanne Bonamici (D-OR)
Subjects
- Agricultural prices, subsidies, credit
- Government lending and loan guarantees
- Income tax exclusion
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.