ICBA is calling on community bankers to urge their members of Congress to co-sponsor legislation to exempt from taxation the interest income on farm real estate and rural mortgage loans.
Be Heard: Community bankers can use ICBA’s Be Heard grassroots resource center to connect with their lawmakers and urge support.
ACRE Act: Authored by Reps. Randy Feenstra (R-Iowa) and Wiley Nickel (D-N.C.), the ICBA-advocated Access to Credit for our Rural Economy (ACRE) Act (H.R. 3139) would provide relief for loans secured by agricultural real estate and by rural single-family homes that are the borrower's principal residence.
Joint Letter: In a joint letter to House lawmakers this week, ICBA and its 44 affiliated state community banking associations said the ACRE Act would:
Promote access to credit and reduce borrowing costs for rural citizens.
Allow lenders to help farmers remain viable in an often-challenging environment.
Offer community banks greater flexibility to work with small farmers and ranchers, including those who are young or beginning.