S.1641 - ECORA Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Roberts, Pat [R-KS] (Introduced 05/23/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 05/23/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1641 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (05/23/2019)
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.