Owens Joins Bipartisan Push to Expand Access to Capital for Farmers and Rural Communities

WASHINGTON – Rep. Burgess Owens (UT-04) co-sponsored the bipartisan Access to Credit for our Rural Economy (ACRE) Act of 2023, which would benefit American families, farmers, and rural communities nationwide by giving greater flexibility to more financial institutions to offer affordable lines of credit to rural and agricultural borrowers. 

“Record-high inflation and skyrocketing interest rates are squeezing farmers, ranchers, and rural communities out of the housing market,said Rep. Owens. “The ACRE Act provides local community banks the resources to offer affordable capital for farmers to own a home, support the agricultural industry, and grow the rural economy in Utah and the nation. I am proud to support this common sense legislation, and I will continue to advocate for rural communities in Congress.”

“Given the current interest rate environment, this bill will provide much-needed, long-term relief to a sector of Utah’s economy that is vital to every Utah family!” – Howard Headlee, President & CEO of the Utah Bankers Association 


The ACRE Act would amend IRS code to level the playing field for community banks to administer agricultural real estate loans by granting them tax-exempt status on earned interest. This same exemption already applies to farm credit institutions.

This exemption would also apply to single-family home mortgage loans in rural communities with fewer than 2,500 residents and for mortgages less than $750,000.

According to the American Bankers Association, this legislation would expand access to affordable agricultural and home loans nationwide to over 4,000 rural communities and save family farmers and producers well over $400 million in annual interest expenses.

The full text of the legislation is available here


Recent Posts

Feb 29, 2024

Owens Backs Pioneering Bill: A New Frontier in U.S. Education

WASHINGTON – Higher Education and Workforce Development Chairman Burgess Owens (UT-04) joined Reps. Glenn Grothman (WI-06) and Brittany Pettersen (CO-07) to introduce the Empowering Learners through Competency-Based Education Act, which will assist universities in cultivating learning environments that will allow students to learn at their own pace, called competency-based education (CBE), in an effort to […]

Feb 29, 2024

Owens Exposes Hypocrisy and Divisiveness of DEI

WASHINGTON — On Thursday, March 7, at 10:15 a.m. ET, the Subcommittee on Higher Education and Workforce Development, chaired by Rep. Burgess Owens (UT-04), will hold a hearing titled “Divisive, Excessive, Ineffective: The Real Impact of DEI on College Campuses.”“Growing up in segregation, bathrooms, water fountains, and schools were separate. While America has made significant […]

Feb 5, 2024

Utah Congressional Delegation Announces Passport Fairs in Coordination with State Department

Utahns can obtain passport services at five events throughout the state from February 13 – 17 Representative Burgess Owens (UT-04) joined U.S. Senators Mike Lee (R-UT) and Mitt Romney (R-UT), and Representatives John Curtis (UT-03), Blake Moore (UT-01), and Celeste Maloy (UT-02), in coordination with the Department of State, to announce five “Passport Fairs” throughout the […]