SB 707

This bill creates an income and franchise tax deduction for the interest received

by a federally insured depository institution on a loan secured by agricultural real

estate or by a leasehold mortgage, with the status as a lien, on agricultural real

estate. The bill defines “agricultural real estate” to mean any of the following:

1. Real property located in Wisconsin that is substantially used for the

production of agricultural products.

2. A single family residence that is the principal residence of its occupant, is

purchased or improved with the loan's proceeds, and is located in an area in

Wisconsin that is outside a federal metropolitan statistical area and has a population

of no more than 2,500.