Bill Type
Congress Name
Long Title
AN ACT EXEMPTING THE INCOME AND RECEIPTS FROM LOANS USED TO FINANCE AGRICULTURALLY BASED, RELATED AND/OR LOCATED ACTIVITIES AND BUSINESSES FROM TAXES
Date filed
July 10, 2007
Scope
Legislative History
| House Bill/Resolution NO. HB01014 |
| FULL TITLE : AN ACT EXEMPTING THE INCOME AND RECEIPTS FROM LOANS USED TO FINANCE AGRICULTURALLY BASED, RELATED AND/OR LOCATED ACTIVITIES AND BUSINESSES FROM TAXES |
| ABSTRACT : This bill exempts all income and receipts from loans used to finance agricultural based, related and.or located activities and businesses from all taxes, including gross receipts and income tax. Given this incentive, the farmers will be able to use the savings from the exemption to increase their production. |
| PRINCIPAL AUTHOR/S : GARIN, JANETTE L. |
| DATE FILED : 2007-07-10 |
| SIGNIFICANCE: NATIONAL |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON WAYS AND MEANS ON 2007-08-01 |
Abstract
This bill exempts all income and receipts from loans used to finance agricultural based, related and.or located activities and businesses from all taxes, including gross receipts and income tax. Given this incentive, the farmers will be able to use the savings from the exemption to increase their production.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.