Arkansas SB73: TO CREATE THE ACCESS TO CREDIT FOR OUR RURAL ECONOMY (ACRE) ACT; AND TO PROVIDE AN INCOME TAX DEDUCTION FOR CERTAIN AGRICULTURAL LOANS

What the bill says

An act to be entitled an act to amend the income tax laws; to provide for income tax deductions for certain financial institutions; to create the access to credit for our rural economy (acre) act; to provide an income tax deduction for certain agricultural loans; and for other purposes. subtitle to create the access to credit for our rural economy (acre) act; and to provide an income tax deduction for certain agricultural loans.

From the introduced text:

An Act To Be Entitled AN ACT TO AMEND THE INCOME TAX LAWS; TO PROVIDE FOR INCOME TAX DEDUCTIONS FOR CERTAIN FINANCIAL INSTITUTIONS; TO CREATE THE ACCESS TO CREDIT FOR OUR RURAL ECONOMY (ACRE) ACT; TO PROVIDE AN INCOME TAX DEDUCTION FOR CERTAIN AGRICULTURAL LOANS; AND FOR OTHER PURPOSES. Subtitle TO CREATE THE ACCESS TO CREDIT FOR OUR RURAL ECONOMY (ACRE) ACT; AND TO PROVIDE AN INCOME TAX DEDUCTION FOR CERTAIN AGRICULTURAL LOANS. BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: SECTION 1. DO NOT CODIFY. Title. This act shall be known and may be cited as the "Access to Credit for Our Rural Economy (ACRE) Act". SECTION 2. Arkansas Code Title 26, Chapter 51, Subchapter 4, is amended to add an additional section to read as follows: 26-51-462. Deduction -- Qualified agricultural loans -- Definitions. (a) As used in this section: (1) "Eligible lending institution" means (B) State bank and a registered out-of-state bank, as those terms are defined in § 23-45-102; *JLL105* 01/16/2025 7:15:35 AM JLL105 SB73 (C) State trust company, as defined in § 23-51-102; or (D) Federal savings bank; (2) "Interest" means interest on indebtedness attributed to the state and incurred in the ordinary course of the active conduct of any business; (3) "Net interest income received from qualified agricultural loans" means …

Read the full official text

Sponsors

• Blake Johnson (R, 21) · primary sponsor
• Beaty Jr., Howard (R, 95)

Latest actions

1. May 5, 2025: Died in Senate Committee at Sine Die adjournment.
2. January 16, 2025: Read first time, rules suspended, read second time, referred to REVENUE & TAX - SENATE
3. January 16, 2025: Filed

Common questions

What is SB73?

SB73 is a bill in the Arkansas Legislature (95th General Assembly (2025 Regular)): TO CREATE THE ACCESS TO CREDIT FOR OUR RURAL ECONOMY (ACRE) ACT; AND TO PROVIDE AN INCOME TAX DEDUCTION FOR CERTAIN AGRICULTURAL LOANS.

What does SB73 do?

In its own words: An act to be entitled an act to amend the income tax laws; to provide for income tax deductions for certain financial institutions; to create the access to credit for our rural economy (acre) act; to provide an income tax deduction for certain agricultural loans; and for other purposes. subtitle to create the access to credit for our rural economy (acre) act; and to provide an income tax deduction for certain agricultural loans.

What is the status of SB73?

Failed as of May 5, 2025. Latest action: Died in Senate Committee at Sine Die adjournment. (May 5, 2025).

Who sponsored SB73?

Blake Johnson (R, 21), with 1 co-sponsor.

Where is the official record for SB73?

On the Arkansas Legislature website: https://www.arkleg.state.ar.us/Bills/Detail?ddBienniumSession=2025%2F2025R&measureno=SB73