ICBA released a briefing document outlining the key community banking provisions of the recently passed One Big Beautiful Bill Act budget reconciliation package (H.R. 1).
What It Means for Community Banks: The new document breaks down tax policies from the law relevant to community banks, including the extension of expiring Tax Cuts and Jobs Act provisions, an ACRE Act exclusion for interest earned on loans secured by agricultural land, the State and Local Tax (SALT) deduction, and more.
Background: President Donald Trump on July 4 signed into law the One Big Beautiful Bill Act budget reconciliation package. Several ICBA-advocated provisions were included in the law.
Ongoing Advocacy: ICBA will continue working with policymakers to expand on the ACRE Act interest rate relief for farmers and ranchers in future legislation while working with regulatory agencies to secure the most favorable interpretation of the act’s provisions.