The proposed bill aims to amend Arkansas's income tax laws by introducing the Access to Credit for Our Rural Economy (ACRE) Act, which provides income tax deductions for certain financial institutions related to qualified agricultural loans. The bill defines eligible lending institutions, which include national banking associations, state banks, state trust companies, and federal savings banks. It also outlines the criteria for what constitutes a qualified agricultural loan, including loans secured by real property used for agricultural production and specific conditions regarding loan balances and insurance.

Additionally, the bill allows eligible lending institutions to deduct net interest income received from qualified agricultural loans when computing their net income for tax purposes. This deduction is intended to support rural economies by facilitating access to credit for agricultural purposes. The provisions of this act will take effect for tax years beginning on or after January 1, 2025.