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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to the unnecessary tax-free largesse enjoyed by credit unions, the Farm Credit System (FCS) tax subsidy should also be repealed.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Congress should eliminate the Farm Credit System’s outdated tax exemption as part of broader tax reform efforts.

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Finer Points Blog Post calling for repeal of Farm Credit System tax exemption

Farm Credit System Tax Exemption Advocacy Resources

ICBPAC, a top financial advocacy political action committee, contributed $1.8 million to federal candidates for the 2011-12 election cycle, strengthening the community banking industry’s reputation in Washington. Supported by thousands of community bankers, ICBPAC is a vital part of Be Heard.

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