HR 1977 117th Congress House 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 2021

Introduced: March 17, 2021 See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 17, 2021

Referred to the House Committee on Ways and Means.

Mar 17, 2021

Introduced in House

Plain-English summary Congressional Research Service

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.

What's happening now March 17, 2021

Referred to the House Committee on Ways and Means.

Committees of jurisdiction 1