Ag bankers are asking Congress to take action on the Enhancing Credit Opportunities in Rural America act, better known as ECORA. What would this legislation do for rural America?
Ed Elfmann, Senior Vice President for Ag and Rural Banking Policy at the American Bankers Association, said the legislation will lower the tax rate on banks when they do agricultural real estate lending.
“This is a good thing for farmers. Because what it will do for farmers, it will help lower their interest rates, it will make banks more competitive with their competitors across the industry, and frankly, when we’re in a time when $1,200 in interest can make a difference for somebody, lowering their interest rate is a good thing.”
Elfmann said the farming community needs to be realistic to when Congress can take up ECORA. He said lawmakers are focused on USMCA, China, and a host of non-Ag issues.
“It’s going to be all of the impeachment stuff. So getting something through a process and over the finish line will be tough, but not impossible.”
Elfmann was one of many speakers at the 2019 Ag Bankers Conference in Dallas.
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