HR 1977 United States House · 117th Congress

ECORA Act of 2021

Summary

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.

Issues: ✓ Budget & Taxes

Bill status in committee 1 of 4 stages cleared

Introduction

Mar 2021

Committee Review

Floor Vote

President

Introduced Mar 17, 2021 Last action Mar 17, 2021

Floor votes

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No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Mar 17, 2021

Committee

Referred to the House Committee on Ways and Means.

lower

Mar 17, 2021

Introduced

Introduced in House

lower

1 primary · 42 co-sponsors