ECORA Act of 2021
- Last Action
- 6/23/2021
Actions
- 2021-06-23Read twice and referred to the Committee on Finance.
- 2021-06-23Introduced in Senate
CRS Summary
As of 2021-06-23 (00)
Enhancing Credit Opportunities in Rural America Act of 2021 or the ECORA Act of 2021
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 agricultural real estate or by a household mortgage.
Cosponsors (11)
- John Boozman (R-AR)
- Mike Rounds (R-SD)
- Kevin Cramer (R-ND)
- Roger Marshall (R-KS)
- Cynthia Lummis (R-WY)
- Tom Cotton (R-AR)
- Joni Ernst (R-IA)
- Tommy Tuberville (R-AL)
- Tim Scott (R-SC)
- Jim Inhofe (R-OK)
- Bill Cassidy (R-LA)
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.