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ICBA Commends Lawmakers For Advancing Key Tax Legislation

Tax Plan Provides Certainty for Community Banks and Other Small Businesses

Washington, D.C. (May 9, 2006)—The Independent Community Bankers of America (ICBA) commended the chairmen of the House and Senate tax writing committees for their hard work in advancing legislation to extend critical tax provisions that are expiring. Extending these key tax provisions will help bolster the economy of local communities served by community banks and other small businesses.

"Without legislative action, community banks and their small business and individual customers will face automatic tax increases," wrote Camden R. Fine, ICBA president and CEO in letters to Sen. Charles E. Grassley (R-Iowa), chairman of the Senate Finance Committee and Rep. William M. Thomas (R-Calif.), chairman of the House Ways and Means Committee. "We urge the House-Senate conferees on the Tax Relief Extension Reconciliation Act (H.R. 4297) to quickly conclude their final negotiations and advance this important tax conference report for final passage."

In particular, ICBA supports provisions to mitigate the impact of the Alternative Minimum Tax, extend expiring existing tax rates on dividends and capital gains, and extend certain small business expensing provisions. ICBA also supports preserving the beneficial savers credit and provisions to increase Roth IRA eligibility.

View the letters at www.icba.org.