GovTrack’s Bill Summary
We don’t have a summary available yet.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
Amends the Internal Revenue Code to exclude from gross income interest on qualified State-issued family farm homestead bonds, all of the proceeds of which are to be used to provide the acquisition of land or other property (including a principal residence) to be used for farming purposes. Limits financing under an approved State family farm homestead plan to families whose average income during the preceding five years is 115 percent or less of the median family income of the county of residence. Requires at least one member of the family to participate materially in the operation of the farm on a full-time basis. Prohibits any family member from owning any land which is used, or is capable of being used, for farming purposes. Limits: (1) the aggregate amount of financing made available to any family to a maximum of $250,000; (2) and the total number of acres which may be purchased from bond proceeds by any family to a maximum 160 acres. Directs the Secretary of Agriculture to establish annually for each State the maximum aggregate amount of obligations issuable. Directs the Farmers Home Administration to provide management and other financial assistance to States and individuals participating in any homestead plan.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.