ICBA laid out its remaining concerns with tax reform legislation in a letter to members of the conference committee that will finalize the Tax Cuts and Jobs Act. ICBA wrote that while it is encouraged by many tax relief provisions, it is bitterly disappointed that lawmakers have ignored the significant tax subsidies for the tax-exempt credit union industry and tax-advantaged Farm Credit System.
“This is glaring omission,” ICBA President and CEO Cam Fine wrote. “No industry should be immune.”
ICBA also said it prefers the safe harbor for the business interest deduction included in the House version, opposes removing the FDIC premium deduction for certain banks, supports parity for pass-through businesses, and opposes the upfront taxation of credit card fee income contained in the Senate version.