ICBA backs bill offering rural lending tax relief

March 18, 2021

ICBA expressed support for legislation to exempt from taxation interest income on farm real estate and rural mortgage loans.

Details: Introduced by Reps. Ron Kind (D-Wis.) and Randy Feenstra (R-Iowa), the Enhancing Credit Opportunities in Rural America Act (ECORA) would promote lending and support better rates and terms in rural communities.

More: "This important legislation will help sustain and revive rural economies struggling to overcome the impact of the COVID-19 pandemic while providing community bank lenders with benefits they can pass on to customers, similar to other rural credit providers," ICBA President and CEO Rebeca Romero Rainey said in a national news release.