Washington, D.C (Nov. 16, 2017)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released the following statement on today’s House passage of the pro-growth Tax Cuts and Jobs Act (H.R. 1).
“ICBA and the nation’s more than 5,700 community banks are encouraged by the continued momentum for pro-growth tax reform. ICBA supports many provisions of the Tax Cuts and Jobs Act, including the permanent 20 percent corporate rate, estate tax relief, and repeal of the alternative minimum tax for individuals and corporations.
“However, ICBA continues to have significant concerns with the treatment of Subchapter S corporations, including inequitable tax treatment of active shareholders in the nation’s Subchapter S community banks. We will continue working with lawmakers to ensure it provides meaningful tax relief to Subchapter S community banks and addresses the inequity from the generous taxpayer subsidies given to tax-exempt credit unions and Farm Credit System lenders.
“ICBA looks forward to continuing to work with the House, Senate and Trump administration on pro-growth tax reform.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.