ECORA Act of 2021

Hozzl · 2022-12-31T05:26:29Z

Explore the details of Senate Bill 2202 ECORA Act of 2021 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/31/2022, 5:26 AM

Congressional Summary of S 2202

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.

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Current Status of Bill S 2202

Bill S 2202 is currently in the status of Bill Introduced since June 23, 2021. Bill S 2202 was introduced during Congress 117 and was introduced to the Senate on June 23, 2021. Bill S 2202's most recent activity was Read twice and referred to the Committee on Finance. as of June 23, 2021

Bipartisan Support of Bill S 2202

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 2202

Primary Policy Focus

Taxation

Potential Impact Areas

- 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

Alternate Title(s) of Bill S 2202

A bill to amend the Internal Revenue Code of 1986 to exclude from gross income interest received on certain loans secured by agricultural real property.

ECORA Act of 2021

Enhancing Credit Opportunities in Rural America Act of 2021