ICBA expressed support for House and Senate legislation to provide tax relief for agricultural and rural residential lending.
Under the Enhancing Credit Opportunities in Rural America Act (H.R. 1872/S. 1641), introduced by Rep. Steve Watkins (R-Kan.) and Sen. Pat Roberts (R-Kan.), interest earned on loans secured by agricultural real estate would not be taxable. The bill would provide similar relief to interest on loans secured by rural single-family homes that are the principal residence of the borrower in towns with a population of less than 2,500.
The legislation would implement a recommendation in ICBA’s Community Focus 2020 policy platform.
Read ICBA Letters of Support
View Community Focus 2020