[Congressional Record (Bound Edition), Volume 153 (2007), Part 3]
[Extensions of Remarks]
[Page 3281]
[From the U.S. Government Publishing Office, www.gpo.gov]




     INTRODUCTION OF THE RURAL COMMUNITIES INVESTMENT ACT, H.R. 833

                                 ______
                                 

                             HON. RON LEWIS

                              of kentucky

                    in the house of representatives

                       Tuesday, February 6, 2007

  Mr. LEWIS of Kentucky. Madam Speaker, I rise to inform my colleagues 
of legislation I have introduced today to strengthen economies in rural 
America.
  The legislation that I have proposed, The Rural Communities 
Investment Act, H.R. 833, extends tax initiatives to make the interest 
income on farm real estate and certain rural housing loans exempt from 
federal taxation.
  Rural communities are facing sharp declines in population and 
business development due to urban migration and consolidation trends in 
U.S. agriculture. My bill would provide tax incentives to facilitate 
low cost financing options for farm and rural housing loans. More 
financing options will encourage greater competition among lenders and 
better rates for borrowers.
  The Rural Communities Investment Act, first introduced as H.R. 4854 
in the 109th Congress, has received the support of the Kentucky Bankers 
Association, a trade group representing the interests of thousands of 
bank employees across the Commonwealth of Kentucky.
  I believe the incentives offered in The Rural Communities Investment 
Act will provide a solid foundation for new investment and economic 
stability in small town America, making rural communities affordable 
and attractive places to live and do business.

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