Following the recent Senate introduction of legislation to provide rural lending tax relief, ICBA is calling on community bankers to urge their lawmakers in both chambers of Congress to co-sponsor the measure.
Grassroots: Community bankers can use ICBA’s Be Heard grassroots action center to urge support for the Enhancing Credit Opportunities in Rural America (ECORA) Act (H.R. 1977/S. 2202).
Details: The ECORA Act would exempt from taxation interest income on ag real estate loans and loans for rural housing in towns with a population of 2,500 or less.
Impact: The bill would allow banks to offer lower interest rates to their farm and rural home mortgage borrowers, helping sustain and revive rural economies affected by the pandemic. Contact Congress now.