ICBA is calling on community bankers to urge their members of Congress to co-sponsor legislation to provide tax relief for agricultural and rural residential lending.
Community bankers can use ICBA's Be Heard grassroots action center
to urge support for the Enhancing Credit Opportunities in Rural America Act (H.R. 1872/S. 1641).
Under the bill, 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.
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