Enhancing Credit Opportunities in Rural America Act of 2019
- Last Action
- 3/26/2019
Actions
- 2019-03-26Referred to the House Committee on Ways and Means.
- 2019-03-26Introduced in House
- 2019-03-26Introduced in House
CRS Summary
As of 2019-03-26 (00)
Enhancing Credit Opportunities in Rural America Act of 2019 or the ECORA Act of 2019
This bill modifies the requirements for calculating taxable income to exclude from gross income interest received by a lender from real estate loans secured by agricultural real estate or by a leasehold mortgage (with a status as a lien) on agricultural real estate.
Agricultural real estate includes real property that is substantially used for the production of one or more agricultural products. It also includes any single family residence that is (1) the principal residence of its occupant, (2) located in a rural area which is not within a Metropolitan Statistical Area and has a population of 2,500 or less; and (3) is purchased or improved with the proceeds of a loan secured by property used for the production of one or more agricultural products.
Cosponsors (18)
- Roger Marshall (R-KS)
- Carol Miller (R-WV)
- Jim Banks (R-IN)
- Denver Riggleman (R-VA)
- Guy Reschenthaler (R-PA)
- James Comer (R-KY)
- Steve King (R-IA)
- John Moolenaar (R-MI)
- Ron Estes (R-KS)
- Steven Palazzo (R-MS)
- Jefferson Van Drew (D-NJ)
- Ralph Abraham (R-LA)
- Mo Brooks (R-AL)
- Jason Smith (R-MO)
- Don Bacon (R-NE)
- Kelly Armstrong (R-ND)
- Robert Wittman (R-VA)
- RON KIND (D-WI)
Subjects
- Agricultural prices, subsidies, credit
- Credit and credit markets
- Farmland
- Housing finance and home ownership
- Income tax exclusion
- Interest, dividends, interest rates
- Rural conditions and development
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.