summary
Introduced
03/26/2019
03/26/2019
In Committee
03/26/2019
03/26/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
To amend the Internal Revenue Code of 1986 to exclude from gross income interest received on certain loans secured by agricultural real property. 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.
AI Summary
This bill, the Enhancing Credit Opportunities in Rural America Act of 2019 (ECORA Act of 2019), amends the Internal Revenue Code to exclude from taxable income the interest received by lenders on certain loans secured by agricultural real property. Specifically, the bill defines "agricultural real estate" to include real property substantially used for agricultural production, as well as single-family homes in rural areas with populations under 2,500 that are purchased or improved with the loan proceeds. This exclusion applies to loans made by qualified lenders, which are defined as banks or savings associations insured by the Federal Deposit Insurance Act. The bill aims to incentivize lending for agricultural and rural properties by allowing lenders to exclude the interest earned on these types of loans from their taxable income.
Committee Categories
Budget and Finance
Sponsors (19)
Steve Watkins (R)*,
Ralph Abraham (R),
Kelly Armstrong (R),
Don Bacon (R),
Jim Banks (R),
Mo Brooks (R),
James Comer (R),
Ron Estes (R),
Ron Kind (D),
Steve King (R),
Roger Marshall (R),
Carol Miller (R),
John Moolenaar (R),
Steven Palazzo (R),
Guy Reschenthaler (R),
Denver Riggleman (R),
Jason Smith (R),
Jeff Van Drew (R),
Rob Wittman (R),
Last Action
Referred to the House Committee on Ways and Means. (on 03/26/2019)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/1872/all-info |
BillText | https://www.congress.gov/116/bills/hr1872/BILLS-116hr1872ih.pdf |
Bill | https://www.congress.gov/116/bills/hr1872/BILLS-116hr1872ih.pdf.pdf |
Loading...