ECORA Act of 2016
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Sep 28, 2016)
Enhancing Credit Opportunities in Rural America Act of 2016 or the ECORA Act of 2016
This bill amends the Internal Revenue Code 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 just happenedSep 28, 2016
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseSep 28, 2016
- Sep 28, 2016IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Sep 28, 2016IntroReferralIntro-H
Introduced in House
- Sep 28, 2016IntroReferral1000
Introduced in House