WASHINGTON, D.C - U.S. Representative Ron Lewis (KY-02) testified before the House Subcommittee on Select Revenue Measures today to explain the benefits of tax incentives, including several bills he has sponsored, to spur economic growth in rural communities.
"It is important that this Congress do what we can to protect farmland and preserve rural communities," said Lewis. "We must ensure that necessary infrastructure exists to make rural America a viable and appealing place to live and do business."
Lewis detailed two bills that he has introduced in the current Congress to encourage development and home ownership in rural communities. The Rural Communities Investment Act would extend an existing tax incentive to make interest earned on farm real estate and certain rural housing loans exempt from federal taxation. The measure would increase the low cost financing opportunities for farmers, ranchers, and rural homeowners.
"Rural communities throughout America continue to face challenges in accessing basic needs," said Lewis. "The savings generated from this bill will put resources back into rural economies, spurring infrastructure development in some of our nation’s smaller communities."
Lewis also took time to explain another bill he sponsored, H.R. 2378, legislation that would allow USDA guaranteed loans to be tax exempt when used to finance water, wastewater, and essential community facilities."
"Federal guarantee of these loans, along with the exemption on taxable interest, is a winning combination that will go a long way to help rural communities."
