The House of Representatives passed its “One, Big, Beautiful Bill” legislative package, which includes several ICBA tax priorities.
Details: The legislation:
Includes an ACRE Act policy to make 25% of interest income on agriculture and ranch real estate loans exempt from federal taxation.
Would increase the Section 199A deduction from 20% to 23% and make it permanent to support Subchapter S community banks and other pass-through businesses.
Would make permanent lower individual rates, a higher estate tax exemption, and a higher alternative minimum tax exemption.
ICBA Statement: In a national news release last week, ICBA President and CEO Rebeca Romero Rainey thanked House Ways and Means Committee Chairman Jason Smith (R-Mo.) and members of the committee for their work on the tax package.