While this week’s bipartisan regulatory relief agreement in the Senate has breathed new life into ICBA’s Plan for Prosperity push, ICBA remains fully engaged in the debate over comprehensive tax reform. To give community bankers the lay of the land on this fast-paced and fluctuating development, we’ve released a new informational brief
with the latest tax reform details.
This legislative update
from ICBA’s congressional relations experts provides the state of play on tax reform, with House and Senate bills rapidly advancing in their respective congressional chambers. It also spotlights provisions with the greatest potential impact on community banks.
For instance, while ICBA strongly supports
the 20 percent corporate rate laid out in both bills, we have significant concerns with their unfavorable treatment of Subchapter S community banks and other pass-through entities. Meanwhile, we continue working to protect deductions for business interest and FDIC premiums, fully repeal the estate tax, safeguard non-qualified deferred compensation plans, and repeal or modify tax subsidies for credit unions and Farm Credit System entities.
I strongly encourage community bankers to read this quick brief on tax reform and stay engaged in the debate. With Congress moving rapidly, ICBA continues urging Subchapter S banks to weigh in with ICBA’s Be Heard grassroots action center
to protect the Subchapter S model.
As Congress nears the final weeks of its 2017 session, there are many moving parts with substantial ramifications for community banks. By continuing to work together as a united community banking industry, we can achieve significant results on all of our advocacy priorities.
Read ICBA’s Tax Reform Info Brief