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ICBA Thanks Members of Congress for Supporting Economic Recovery Proposals

Washington, D.C. (Jan. 15, 2009)––Camden R. Fine, president and CEO of the Independent Community Bankers of America (ICBA), today issued the following statement upon release of economic recovery legislation introduced by the House Ways and Means and Appropriations committees.

“ICBA appreciates the efforts of House Ways and Means Chairman Charles Rangel (D-N.Y.) and thanks him for including several important ICBA policy recommendations in his economic recovery proposal. Our nation’s 8,000 community banks are well-capitalized, common-sense lenders that did not contribute to the current economic downturn; however, they are ready to help America recover. These sound tax policies will help community banks act quickly and effectively. ICBA looks forward to continuing to work with Congress to implement recovery initiatives that will help restore the economic health of communities across our nation.

ICBA-advanced proposals in Rangel’s plan include:

  • Allowing a five-year carryback of net operating losses;
  • Allowing financial institutions to better support state and local bonds;
  • Extending Section 179 of the tax code to allow immediate small business expensing;
  • Removing the repayment requirement on the $7,500 first-time home buyer tax credit for homes purchased after 2008; and
  • Extending the Work Opportunity Tax Credit.

ICBA also commends the work of House Appropriations Chairman David Obey (D-Wis.) and applauds the inclusion of a $500 million increase to support $22 billion in direct loans and loan guarantees to help rural families and individuals buy homes during the credit crunch. This will assist rural housing markets, create jobs and generate new tax revenues. ICBA also thanks House Small Business Chairwoman Nydia Velazquez (D-N.Y.) for including loan guarantee authorities under the Small Business Administration’s 7(a) loan program.

To view the full ICBA economic recovery plan, visit www.icba.org.