Farm Credit Partnership Act of 1985

[AI summary unavailable — showing source text] Farm Credit Partnership Act of 1985 - Defines "borrower" for the purposes of this Act as being any individual, family corporation, or family partnership that makes at least 50 percent of its gross income from farming and holds an agricultural loan. Limits assistance for any borrower to $500,000 for an individual, and $750,000 for a family corporation or partnership. Lists the qualifications a borrower must demonstrate to receive such assistance. Directs the Secretary of Agriculture to establish a Cooperative Federal-State-Lender Agricultural Loan Interest Subsidy Program. Allows a borrower to apply to a lender during calendar year 1986 for an interest rate subsidy with respect to any agricultural loan outstanding on October 1, 1985. Provides that the interest rate for such loans shall be fixed for a period of three years or the remaining term of the loan, whichever is less, at a rate equal to the three-year T-bill rate plus three percent, less up to five percent subsidy. Provides that two percent of the subsidy shall be paid by the Federal government, one to two percent by the State, and one percent by the lender. Requires participating States to submit a plan by March 1 of each ye…