ICBA backs bill offering rural lending tax relief

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.

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