With the Senate acting this week on tax reform, ICBA called for reforms to provisions affecting Subchapter S community banks and other pass-through businesses. In a joint letter with other business groups, ICBA urged Senate Finance Committee Chairman Orrin Hatch (R-Utah) to increase the 17.4 percent pass-through deduction and to allow S-corps to deduct state and local taxes, as C corporations can.
While the Senate plans to vote on its tax reform bill as soon as Thursday, ICBA is urging Subchapter S community banks to weigh in with Congress using ICBA’s Be Heard grassroots action center. An ICBA informational brief on tax reform offers community bankers the latest on the state of play and key provisions of the House and Senate bills with the greatest potential impact on community banks.
Read Joint Letter
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Read ICBA Info Brief