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7 U.S.C. § 1926 — Limitations on amount of farm ownership loans
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary shall make or insure no loan under sections 1922, 1923, 1924, 1934, and 1935 of this title that would cause the unpaid indebtedness under such sections of any one borrower to exceed the smaller of (1) the value of the farm or other security, or (2) in the case of a loan other than a loan guaranteed by the Secretary, $600,000, or, in the case of a loan guaranteed by the Secretary, $1,750,000 (increased, beginning with fiscal year 2019, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the amount of any unpaid indebtedness of the borrower on loans under subchapter II that are guaranteed by the Secretary).
**(b) Determination of value** In determining the value of the farm, the Secretary shall consider appraisals made by competent appraisers under rules established by the Secretary.
**(c) Inflation percentage** For purposes of this section, the inflation percentage applicable to a fiscal year is the percentage (if any) by which—
(1) the average of the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture) for the 12-month period ending on July 31 of the immediately preceding fiscal year; exceeds
(2) the average of such index (as so defined) for the 12-month period that immediately precedes the 12-month period described in paragraph (1).
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1926
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Source file: Laws/federal/codes/united-states-code/title-7/section-1926-limitations-on-amount-of-farm-ownership-loans--614c026a51.md
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Source location: Title 7, Chapter 50, § 1926; chapter-050-agricultural-credit.md
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**(a) In general** The Secretary shall make or insure no loan under sections 1922, 1923, 1924, 1934, and 1935 of this title that would cause the unpaid indebtedness under such sections of any one borrower to exceed the smaller of (1) the value of the farm or other security, or (2) in the case of a loan other than a loan guaranteed by the Secretary, $600,000, or, in the case of a loan guaranteed by the Secretary, $1,750,000 (increased, beginning with fiscal year 2019, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the amount of any unpaid indebtedness of the borrower on loans under subchapter II that are guaranteed by the Secretary).
**(b) Determination of value** In determining the value of the farm, the Secretary shall consider appraisals made by competent appraisers under rules established by the Secretary.
**(c) Inflation percentage** For purposes of this section, the inflation percentage applicable to a fiscal year is the percentage (if any) by which—
(1) the average of the Prices Paid By Farmers Index (as compiled by the National Agricultural Statistics Service of the Department of Agriculture) for the 12-month period ending on July 31 of the immediately preceding fiscal year; exceeds
(2) the average of such index (as so defined) for the 12-month period that immediately precedes the 12-month period described in paragraph (1).
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Secretary is authorized to make and insure loans for any of the purposes referred to in [section 1923(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1923/a&num=0&edition=prelim), or paragraphs (1) through (5) of [section 1924(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1924/a&num=0&edition=prelim), to farmers and ranchers in the United States who (1) are citizens of the United States, (2) meet the requirements of paragraphs (2) through (4) of [section 1922 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1922&num=0&edition=prelim), (3) are unable to obtain sufficient credit under [section 1922 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1922&num=0&edition=prelim) to finance their actual needs, (4) are owners or operators of small or family farms (including new owners or operators), (5) are farmers or ranchers with a low income, and (6) demonstrate a need to maximize their income from farming or ranching operations. The Secretary is also authorized to make such loans to any farm cooperative or private domestic corporation or partnership, or such other legal entities as the Secretary considers appropriate, that is controlled by farmers and ranchers and engaged primarily and directly in farming or ranching in the United States if all of its members, stockholders, partners, or owners, as applicable, are citizens of the United States and the entity and all such members, stockholders, partners, or owners meet the requirements of paragraphs (2) through (6) of the preceding sentence.
**(b)** Each loan made or insured under this section shall be repayable in such installments as the Secr
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1935
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Agricultural commodity** — The term “agricultural commodity” has the meaning given the term in [section 5602 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section5602&num=0&edition=prelim).
(2) **Geographically disadvantaged farmer or rancher** — The term “geographically disadvantaged farmer or rancher” has the meaning given the term in section 10906(a) of the Farm Security and Rural Investment Act of 2002 ([7 U.S.C. 2204](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section2204&num=0&edition=prelim) note; Public Law 107–171).
**(b) Authorization** Subject to the availability of funds under subsection (d), the Secretary may provide geographically disadvantaged farmers or ranchers direct reimbursement payments for activities described in subsection (c).
**(c) Transportation**
(1) **In general** — Subject to paragraphs (2) and (3), the Secretary may provide direct reimbursement payments to a geographically disadvantaged farmer or rancher to transport an agricultural commodity, or inputs used to produce an agricultural commodity, during a fiscal year.
(2) **Proof of eligibility** — To be eligible to receive assistance under paragraph (1), a geographically disadvantaged farmer or rancher shall demonstrate to the Secretary that transportation of the agricultural commodity or inputs occurred over a distance of more than 30 miles, as determined by the Secretary.
(3) **Amount**
(A) *In general* — Subject to paragraph (2), the amount of direct reimbursement payments made to a geographically disadvantaged farmer or rancher under this section for a fiscal year shall equal the product obtained by multiplying—
(i) the amount of costs incurred by the geographically di
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 8701
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Federal law — U.S. Code and appendices · legal_authorities
**(a) General rule** There shall be allowed as a deduction any loss sustained during the taxable year and not compensated for by insurance or otherwise.
**(b) Amount of deduction** For purposes of subsection (a), the basis for determining the amount of the deduction for any loss shall be the adjusted basis provided in section 1011 for determining the loss from the sale or other disposition of property.
**(c) Limitation on losses of individuals** In the case of an individual, the deduction under subsection (a) shall be limited to—
(1) losses incurred in a trade or business;
(2) losses incurred in any transaction entered into for profit, though not connected with a trade or business; and
(3) except as provided in subsection (h), losses of property not connected with a trade or business or a transaction entered into for profit, if such losses arise from fire, storm, shipwreck, or other casualty, or from theft.
**(d) Wagering losses**
(1) **In general** — For purposes of losses from wagering transactions, the amount allowed as a deduction for any taxable year—
(A) shall be equal to 90 percent of the amount of such losses during such taxable year, and
(B) shall be allowed only to the extent of the gains from such transactions during such taxable year.
(2) **Special rule** — For purposes of paragraph (1), the term “losses from wagering transactions” includes any deduction otherwise allowable under this chapter incurred in carrying on any wagering transaction.
**(e) Theft losses** For purposes of subsection (a), any loss arising from theft shall be treated as sustained during the taxable year in which the taxpayer discovers such loss.
**(f) Capital losses** Losses from sales or exchanges of capital assets shall be allowed only to the extent allowed in sections
Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 165
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 4401, Pub. L. 91–606, title I, § 101, Dec. 31, 1970, 84 Stat. 1744, related to Congressional findings and declarations.
Section 4402, Pub. L. 91–606, title I, § 102, Dec. 31, 1970, 84 Stat. 1745, related to definitions.
#### Effective Date of Repeal
Repeal of sections 4401 and 4402 effective Apr. 1, 1974, see section 605 of Pub. L. 93–288, formerly set out as an Effective Date note under [section 5121 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5121&num=0&edition=prelim).
#### Short Title
Pub. L. 91–606, § 1, Dec. 31, 1970, 84 Stat. 1744, provided that Pub. L. 91–606 which enacted this chapter, amended [section 1926 of Title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926&num=0&edition=prelim), Agriculture, sections 1706c, 1709, and 1715l of Title 12, Banks and Banking, sections 241–1, 646, and 758 of Title 20, Education, sections 165, 5064, and 5708 of Title 26, Internal Revenue Code, section 1820 [now 3720] of Title 38, Veterans’ Benefits, and section 461 of former Title 40, Public Buildings, Property, and Works, repealed sections 1855 to 1855g, 1855aa, 1855aa note, 1855bb to 1855ii, 1855aaa, 1855aaa note, 1855bbb to 1855nnn of this title, and enacted provisions set out as notes under sections 4401 and 4434 of this title, and amended provisions set out as a note under [section 1681 of Title 48](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section1681&num=0&edition=prelim), Territories and Insular Possessions, may be cited as the “Disaster Relief Act of 1970”.
#### Savings Provision
Section 703, formerly section 603, of Pub. L. 93–288, as renumbered by Pub. L. 103–337, div. C, title XXXIV, § 3411(a)(1), (2), Oct. 5, 1994, 108 Stat.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 4401, 4402
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Priority** In the processing of applications for assistance, priority and immediate consideration shall be given by the head of the appropriate Federal agency, during such period as the President shall prescribe, to applications from public bodies situated in areas affected by major disasters under the following Acts:
(1) The United States Housing Act of 1937 [[42 U.S.C. 1437](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section1437&num=0&edition=prelim) et seq.] for the provision of low-income housing.
(2) Sections 3502 to 3505 of title 40 for assistance in public works planning.
(3) The Community Development Block Grant Program under title I of the Housing and Community Development Act of 1974 [[42 U.S.C. 5301](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5301&num=0&edition=prelim) et seq.].
(4) [Section 1926 of title 7](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926&num=0&edition=prelim).
(5) The Public Works and Economic Development Act of 1965 [[42 U.S.C. 3121](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section3121&num=0&edition=prelim) et seq.].
(6) Subtitle IV of title 40.
(7) The Federal Water Pollution Control Act [[33 U.S.C. 1251](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title33-section1251&num=0&edition=prelim) et seq.].
**(b) Obligation of certain discretionary funds** In the obligation of discretionary funds or funds which are not allocated among the States or political subdivisions of a State, the Secretary of Housing and Urban Development and the Secretary of Commerce shall give priority to applications for projects for major disaster areas.
Source: Supplied U.S. Code snapshot — release unconfirmed · 42 U.S.C. § 5153
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Federal law — U.S. Code and appendices · legal_authorities
### Statutory Notes
Section 2009ee, Pub. L. 107–171, title VI, § 6301, May 13, 2002, 116 Stat. 421, defined terms.
Section 2009ee–1, Pub. L. 107–171, title VI, § 6302, May 13, 2002, 116 Stat. 422, related to SEARCH grant program. See [section 1926 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926&num=0&edition=prelim).
Section 2009ee–2, Pub. L. 107–171, title VI, § 6303, May 13, 2002, 116 Stat. 424, related to annual report on projects.
Section 2009ee–3, Pub. L. 107–171, title VI, § 6304, May 13, 2002, 116 Stat. 424, related to funding.
#### Codification
Pub. L. 110–234 and Pub. L. 110–246 repealed this subchapter. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246.
#### Effective Date of Repeal
Repeal of this subchapter and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective May 22, 2008, the date of enactment of Pub. L. 110–234, see section 4 of Pub. L. 110–246, set out as an Effective Date note under [section 8701 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section8701&num=0&edition=prelim).
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1921
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) The Secretary is also authorized to make or insure loans to associations, including corporations not operated for profit, Indian tribes on Federal and State reservations and other federally recognized Indian tribes, and public and quasi-public agencies to provide for the application or establishment of soil conservation practices, shifts in land use, the conservation, development, use, and control of water, and the installation or improvement of drainage or waste disposal facilities, recreational developments, and essential community facilities including necessary related equipment, all primarily serving farmers, ranchers, farm tenants, farm laborers, rural businesses, and other rural residents, and to furnish financial assistance or other aid in planning projects for such purposes. The Secretary may also make or insure loans to communities that have been designated as rural empowerment zones or rural enterprise communities pursuant to part I of subchapter U of chapter 1 of title 26, or as rural enterprise communities pursuant to section 766 of the Agriculture, Rural Development, Food and Drug Administration, and Related Agencies Appropriations Act, 1999 (Public Law 105–277; 112 Stat. 2681, 2681–37), to provide for the installation or improvement of essential community facilities including necessary related equipment, and to furnish financial assistance or other aid in planning projects for such purposes. The Secretary may also make loans to any borrower to whom a loan has been made under the Rural Electrification Act of 1936 ([7 U.S.C. 901](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section901&num=0&edition=prelim) et seq.), for the conservation, development, use, and control of water, and the installation of drainage or
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1926–1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Period of repayment; interest rates**
(1) The period for repayment of loans under this subchapter shall not exceed forty years.
(2) Except as otherwise provided in paragraphs (3), (4), (5), and (6) of this subsection, the interest rates on loans under this subchapter shall be as determined by the Secretary, but not in excess of the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans, plus not to exceed 1 per centum, as determined by the Secretary, and adjusted to the nearest one-eighth of 1 per centum.
(3)
(A) Notwithstanding the provisions of the constitution or laws of any State limiting the rate or amount of interest that may be charged, taken, received, or reserved, except as provided in paragraph (6), the interest rates on loans (other than guaranteed loans), to public bodies or nonprofit associations (including Indian tribes on Federal and State reservations and other federally recognized Indian tribal groups) for water and waste disposal facilities and essential community facilities shall be set by the Secretary at rates not to exceed the current market yield for outstanding municipal obligations with remaining periods to maturity comparable to the average maturity for such loans, and adjusted to the nearest one-eighth of 1 per centum; and not in excess of 5 per centum per annum for any such loans which are for the upgrading of existing facilities or construction of new facilities as required to meet applicable health or sanitary standards in areas where the median household income of the persons to be served by such facility is below the higher of 80 per centum of the statewide nonmetropolitan median household income or the povert
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1927a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Creation; revolving fund; rural development loans** There is hereby created the Rural Development Insurance Fund (hereinafter in this section referred to as the “Insurance Fund”) which shall be used by the Secretary as a revolving fund for the discharge of the obligations of the Secretary under contracts guaranteeing or insuring rural development loans. For the purpose of this section “rural development loans” shall be those provided for by sections 1926(a)(1) and 1932 of this title, except loans (other than for water systems and waste disposal facilities) of a type authorized by [section 1926(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926/a/1&num=0&edition=prelim) prior to its amendment by the Rural Development Act of 1972.
**(b) Transfer of assets and liabilities** The assets and liabilities of the Agricultural Credit Insurance Fund referred to in [section 1929(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1929/a&num=0&edition=prelim) applicable to loans for water systems and waste disposal facilities under [section 1926(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1926/a/1&num=0&edition=prelim) are hereby transferred to the Insurance Fund. Such assets (including the proceeds thereof) and liabilities and rural development loans guaranteed or insured pursuant to this chapter shall be subject to the provisions of this section.
**(c) Credits in the Treasury; investments; notes, purchasing authority of the Secretary** Moneys in the Insurance Fund not needed for current operations shall be deposited in the Treasury of the United States to the credit of the Insurance Fund or invested in direct obligations of the Unit
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1929b
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Federal law — U.S. Code and appendices · legal_authorities
In connection with loans made or insured under this chapter, the Secretary shall—
(1) require the applicant (A) to certify in writing, and the Secretary shall determine, that he is unable to obtain sufficient credit elsewhere to finance his actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time, and (B) to furnish an appropriate written financial statement;
(2) except with respect to a loan under section 1926, 1932, or 1944 of this title, require—
(A) an annual review of the credit history and business operation of the borrower; and
(B) an annual review of the continued eligibility of the borrower for the loan;
(3) except for guaranteed loans, require an agreement by the borrower that if at any time it shall appear to the Secretary that the borrower may be able to obtain a loan from a production credit association, a Federal land bank, or other responsible cooperative or private credit source (or, in the case of a borrower under [section 1934 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1934&num=0&edition=prelim), the borrower may be able to obtain a loan under [section 1922 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1922&num=0&edition=prelim)), at reasonable rates and terms for loans for similar purposes and periods of time, the borrower will, upon request by the Secretary, apply for and accept such loan in sufficient amount to repay the Secretary or the insured lender, or both, and to pay for any stock necessary to be purchased in a cooperative lending agency in connection with such loan;
(4) requi
Source: Supplied U.S. Code snapshot — release unconfirmed · 7 U.S.C. § 1983a
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