Farm Credit System Tax Exemption
In addition to the unnecessary tax-free largesse enjoyed by credit unions, the Farm Credit System (FCS) tax subsidy should also be repealed. It makes no sense for community banks competing against multi-billion dollar FCS entities to pay taxes on income from farmland loans while FCS lenders pay no taxes on income from the same loans. This allows FCS lenders to steal the best customers away from community banks.
Congress should eliminate the Farm Credit System’s outdated tax exemption as part of broader tax reform efforts.
Farm Credit System Tax Exemption Advocacy Resources
Brian R. Anderson
Director, Congressional Advocacy
Independent Community Bankers
1615 L St, NW
Washington, DC 20036
Phone: (800) 422-8439
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