Washington, D.C (Dec. 20, 2017)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine released the following statement on today’s passage of congressional tax reform.
“ICBA and the nation’s more than 5,700 community banks congratulate Congress on its final passage of tax reform legislation and thank lawmakers for making much-needed improvements to the bill. ICBA supports tax relief provisions of the legislation that would reduce the top corporate rate from 35 percent to 21 percent, provide estate tax relief and alternative minimum tax relief, and lower individual rates.
“Among its many pro-community bank provisions, the legislation would carve out small-business borrowers from limits on the deduction for business interest expenses, preserve laws on non-qualified deferred compensation and mortgage-servicing assets, and largely maintain the mortgage interest deduction. ICBA particularly appreciates the improvements to provisions on Subchapter S community banks and other pass-through businesses that lower the effective tax rate for these small businesses.
“ICBA thanks House Speaker Paul Ryan (R-Wis.), House Ways and Means Committee Chairman Kevin Brady (R-Texas), Senate Majority Leader Mitch McConnell (R-Ky.), Senate Finance Committee Chairman Orrin Hatch (R-Utah), and other members of Congress who led the tax reform debate and championed community banks and the customers they serve. We look forward to the tax reform bill being signed into law by President Donald Trump.”
View ICBA’s Community Bank Scorecard on 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.