A bill to amend the Internal Revenue Code of 1954 to exempt from income tax interest on certain loans used to construct soil conservation terraces and to acquire and install certain drainage equipment to be used in connection with such terraces, and to provide additional tax incentives with respect to such equipment.

[AI summary unavailable — showing source text] Amends the Internal Revenue Code to exclude from gross income interest received on certain loans used to construct soil conservation terraces and to install drainage equipment. Disallows such exclusion by any person in the lending or financing business, by corporations, and for certain modifications to existing terraces. Classifies such drainage equipment as "three-year property" for purposes of the accelerated cost recovery system.…