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Last update: 10/20/14

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ICBA Praises Senate for Passing Economic Stimulus

Tax Relief Will Boost Resources for Communities and Small Business

Washington, D.C. (Feb. 7, 2008)—The Independent Community Bankers of America (ICBA) today applauded passage of the Senate economic stimulus package. The measure passed by an 81-16 vote.

"ICBA applauds the Senate for taking steps to spur economic activity by advancing its economic stimulus package," said James P. Ghiglieri, Jr., ICBA chairman and president of Alpha Financial Group Inc., Toluca, Ill. "Families, community banks and small businesses across our nation will benefit from this measure. The bill will free up resources for small businesses and community banks to invest in their communities."

While the bulk of the Senate plan contains tax rebate checks for individuals and families, the measure includes an ICBA-advanced measure to double the immediate write-off to $250,000 for small business investments under Section 179. The provision will immediately free up additional cash flow for community banks and small businesses to invest in their communities.

The House of Representatives has passed a similar economic stimulus package. ICBA looks forward to working with Congress to complete action on the measure which serves to benefit the national economy and promote growth.

Find additional information about ICBA's proposed Nine-Point Stimulus plan on www.icba.org.

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