Bill
Bill > S1641
US S1641
ECORA Act of 2019 Enhancing Credit Opportunities in Rural America Act of 2019
summary
Introduced
05/23/2019
05/23/2019
In Committee
05/23/2019
05/23/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill 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 (ECORA) Act of 2019, would amend the Internal Revenue Code to exclude from gross income the interest received by lenders on certain loans secured by agricultural real property. Specifically, the bill would exclude from taxable income the interest on "qualified real estate loans", which are loans secured by agricultural real estate or by a leasehold mortgage on agricultural real estate. Agricultural real estate is defined as real property substantially used for the production of agricultural products, as well as certain single-family residences located in rural areas with populations of 2,500 or less that were purchased or improved with the proceeds of the loan. This change is intended to provide an incentive for lenders to offer more favorable financing for agricultural activities and rural housing.
Committee Categories
Budget and Finance
Sponsors (6)
Pat Roberts (R)*,
Kevin Cramer (R),
John Hoeven (R),
Jerry Moran (R),
Rand Paul (R),
Mike Rounds (R),
Last Action
Read twice and referred to the Committee on Finance. (on 05/23/2019)
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/senate-bill/1641/all-info |
| BillText | https://www.congress.gov/116/bills/s1641/BILLS-116s1641is.pdf |
| Bill | https://www.congress.gov/116/bills/s1641/BILLS-116s1641is.pdf.pdf |
Loading...