With lawmakers returning to Washington for the second session of the 118th Congress, ICBA is calling on community bankers to continue urging their members of Congress to co-sponsor legislation to support lending in rural communities.
ACRE Act: Introduced by Sens. Jerry Moran (R-Kansas) and Angus King (I-Maine) and Reps. Randy Feenstra (R-Iowa) and Wiley Nickel (D-N.C.), the Access to Credit for our Rural Economy (ACRE) Act (H.R. 3139/S. 2371) would make interest income on farm real estate and rural mortgage loans tax-exempt.
Voter Support: ICBA earlier this year released polling conducted by Morning Consult showing 70% of U.S. voters said providing tax relief to lending institutions in rural communities would help preserve family farms if these benefits are passed along to borrowers.
Be Heard: Community bankers can use ICBA’s Be Heard grassroots resource center to connect with their lawmakers and urge support.