S 1641 116th Congress Senate Taxation 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

ECORA Act of 2019

Introduced: May 23, 2019 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 23, 2019

Read twice and referred to the Committee on Finance.

May 23, 2019

Introduced in Senate

Plain-English summary Congressional Research Service

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.

What's happening now May 23, 2019

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1