ECORA Act of 2021
Latest action · Jun 23, 2021 Read twice and referred to the Committee on Finance.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 23, 2021
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 11
Members who signed on, in the order they did. Signatures ran from Jun 23, 2021 to Nov 29, 2022, with 4 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-AR | John Boozman | Original | Jun 23, 2021 |
| R-ND | Kevin Cramer | Original | Jun 23, 2021 |
| R-SD | Mike Rounds | Original | Jun 23, 2021 |
| R-KS | Roger Marshall | Original | Jun 23, 2021 |
| R-WY | Cynthia M. Lummis | Jul 15, 2021 | |
| R-AR | Tom Cotton | Jul 21, 2021 | |
| R-IA | Joni Ernst | Jul 22, 2021 | |
| R-AL | Tommy Tuberville | Aug 3, 2021 | |
| R-SC | Tim Scott | Nov 29, 2021 | |
| R-OK | James M. Inhofe | Apr 7, 2022 | |
| R-LA | Bill Cassidy | Nov 29, 2022 |
Actions 2
Everything that happened, newest first.
- Jun 23, 2021Introduced in Senate
- Jun 23, 2021Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 1977 | ECORA Act of 2021 | Identical bill | Mar 17, 2021 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jun 23, 2021Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.