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139 STAT. 247 PUBLIC LAW 119–21—JULY 4, 2025 ‘‘(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). ‘‘(d) COORDINATION WITH SECTION 265.—In the case of any qualified real estate loan, section 265 shall be applied— ‘‘(1) by treating any qualified real estate loan for purposes of subsection (a)(2) thereof as an obligation the interest on which is wholly exempt from the taxes imposed by this subtitle, ‘‘(2) by substituting ‘25 percent of the interest on indebted- ness’ for ‘Interest on indebtedness’ in such subsection (a)(2), ‘‘(3) by treating 25 percent of the adjusted basis of any qualified real estate loan as adjusted basis of a tax-exempt obligation described in subsection (b)(4)(B) thereof, and ‘‘(4) by substituting ‘25 percent of the amount of such indebtedness’ for ‘the amount of such indebtedness’ in sub- section (b)(6)(A)(a)(ii) thereof.’’. (b) CLERICAL AMENDMENT.—The table of sections for part III of subchapter B of chapter 1, as amended by the preceding provi- sions of this Act, is amended by inserting after the item relating to section 139K the following new item: ‘‘Sec. 139L. Interest on loans secured by rural or agricultural real property.’’. (c) EFFECTIVE DATE.—The amendments made by this section shall apply to taxable years ending after the date of the enactment of this Act. SEC. 70436. REDUCTION OF TRANSFER AND MANUFACTURING TAXES FOR CERTAIN DEVICES. (a) TRANSFER TAX.—Section 5811(a) is amended to read as follows: ‘‘(a) RATE.—There shall be levied, collected, and paid on fire- arms transferred a tax at the rate of— ‘‘(1) $200 for each firearm transferred in the case of a machinegun or a destructive device, and ‘‘(2) $0 for any firearm transferred which is not described in paragraph (1).’’. (b) MAKING TAX.—Section 5821(a) is amended to read as follows: ‘‘(a) RATE.—There shall be levied, collected, and paid upon the making of a firearm a tax at the rate of— ‘‘(1) $200 for each firearm made in the case of a machinegun or a destructive device, and ‘‘(2) $0 for any firearm made which is not described in paragraph (1).’’. (c) CONFORMING AMENDMENT.—Section 4182(a) is amended by adding at the end the following: ‘‘For purposes of the preceding sentence, any firearm described in section 5811(a)(2) shall be deemed to be a firearm on which the tax provided by section 5811 has been paid.’’ 26 USC 139L note. 26 USC prec. 101 Applicability.