Bill Sponsor
Senate Bill 1641
116th Congress(2019-2020)
ECORA Act of 2019
Introduced
Introduced
Introduced in Senate on May 23, 2019
Overview
Text
Introduced
May 23, 2019
Latest Action
May 23, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1641
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Republican
Kansas
Republican
Kentucky
Republican
North Dakota
Republican
North Dakota
Republican
South Dakota
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

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.

Text (1)
Actions (2)
05/23/2019
Read twice and referred to the Committee on Finance.
05/23/2019
Introduced in Senate
Public Record
Record Updated
Nov 1, 2022 6:02:37 AM