Qualified real estate loan
For purposes of this section—
(1) In general The term “qualified real estate loan” means any loan— (A) secured by— (i) rural or agricultural real estate, or (ii) a leasehold mortgage (with a status as a lien) on rural or agricultural real estate, (B) made to a person other than a specified foreign entity (as defined in section 7701(a)(51)), and (C) made after the date of the enactment of this section. For purposes of the preceding sentence, the determination of whether property securing such loan is rural or agricultural real estate shall be made as of the time the interest income on such loan is accrued.
(2) Refinancings For purposes of subparagraphs (A) and (C) of paragraph (1), a loan shall not be treated as made after the date of the enactment of this section to the extent that the proceeds of such loan are used to refinance a loan which was made on or before the date of the enactment of this section (or, in the case of any series of refinancings, the original loan was made on or before such date).
(3) Rural or agricultural real estate The term “rural or agricultural real estate” means— (A) any real property which is substantially used for the production of one or more agricultural products, (B) any real property which is substantially used in the trade or business of fishing or seafood processing, and (C) any aquaculture facility. Such term shall not include any property which is not located in a State or a possession of the United States.
(4) Aquaculture facility The term “aquaculture facility” means any land, structure, or other appurtenance that is used for aquaculture (including any hatchery, rearing pond, raceway, pen, or incubator).
(1)In general#
The term “qualified real estate loan” means any loan—
(A) secured by— (i) rural or agricultural real estate, or (ii) a leasehold mortgage (with a status as a lien) on rural or agricultural real estate,
(B) made to a person other than a specified foreign entity (as defined in section 7701(a)(51)), and
(C) made after the date of the enactment of this section.
For purposes of the preceding sentence, the determination of whether property securing such loan is rural or agricultural real estate shall be made as of the time the interest income on such loan is accrued.
(1)(A)#
secured by—
(i) rural or agricultural real estate, or
(ii) a leasehold mortgage (with a status as a lien) on rural or agricultural real estate,
(1)(A)(i)#
rural or agricultural real estate, or
(1)(A)(ii)#
a leasehold mortgage (with a status as a lien) on rural or agricultural real estate,
(2)Refinancings#
For purposes of subparagraphs (A) and (C) of paragraph (1), a loan shall not be treated as made after the date of the enactment of this section to the extent that the proceeds of such loan are used to refinance a loan which was made on or before the date of the enactment of this section (or, in the case of any series of refinancings, the original loan was made on or before such date).
(3)Rural or agricultural real estate#
The term “rural or agricultural real estate” means—
(A) any real property which is substantially used for the production of one or more agricultural products,
(B) any real property which is substantially used in the trade or business of fishing or seafood processing, and
(C) any aquaculture facility.
Such term shall not include any property which is not located in a State or a possession of the United States.
(3)(A)#
any real property which is substantially used for the production of one or more agricultural products,
(3)(B)#
any real property which is substantially used in the trade or business of fishing or seafood processing, and
(3)(C)#
any aquaculture facility.
(4)Aquaculture facility#
The term “aquaculture facility” means any land, structure, or other appurtenance that is used for aquaculture (including any hatchery, rearing pond, raceway, pen, or incubator).