Volume 84
Public Law 91–617
To provide that the interest on certain insured loans sold nut of the Agricultural Credit Insurance Fund shall be included in gross income.
Approved December 31, 1970
Statutory text
AN ACT
To provide that the interest on certain insured loans sold nut of the Agricultural Credit Insurance Fund shall be included in gross income.
Be it enacted by the Senate and House, of Representatives of the United States of America in Congress assembled,
That
section 306(a) (1) of the Consolidated Farmers Home Administration Act of 1961, as amended (7 U.S.C. 1926(a)(1)), is amended by adding at the end thereof the following new sentence: “When any loan made for a purpose specified in this paragraph is sold out of the Agricultural Credit Insurance Fund as an insured loan, the interest or other income thereon paid to an insured holder shall be included in gross income for purposes of chapter 1 of the Internal Revenue Code of 1954.”
Effective date.
The amendment made by subsection (a) shall apply to the insured loans sold out of the Agricultural Credit Insurance Fund after the date of the enactment of this Act.
Approved December 31, 1970.