Relief for America's Small Farmers Act
- Last Action
- 6/10/2021
Actions
- 2021-06-10Read twice and referred to the Committee on Finance.
- 2021-06-10Introduced in Senate
CRS Summary
As of 2021-06-10 (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.
The bill provides emergency funding for loan forgiveness.
Cosponsors (9)
- Jeff Merkley (D-OR)
- Bernard Sanders (I-VT)
- Cory Booker (D-NJ)
- Ron Wyden (D-OR)
- Raphael Warnock (D-GA)
- Tina Smith (D-MN)
- Ben Luján (D-NM)
- Patrick Leahy (D-VT)
- Dianne Feinstein (D-CA)
Subjects
- Agricultural prices, subsidies, credit
- Appropriations
- Department of Agriculture
- Executive agency funding and structure
- 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.