Washington, D.C. (Nov. 19, 2021) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on House passage of its budget reconciliation bill.
“ICBA and the nation’s community banks applaud the exclusion of the widely opposed IRS bank reporting proposal from the House-passed budget reconciliation bill. We will continue to vocally oppose this fundamentally flawed policy, in any form, as negotiations proceed in the Senate.
“The omission of the IRS plan from the House bill demonstrates the impact community banks and consumers nationwide are having on the debate via ICBA’s months-long #KeepMyBankingPrivate campaign. Keeping the IRS proposal out of the Senate version and any final package will avoid privacy, due process, and data security concerns that have prompted hundreds of thousands of consumer messages to policymakers in opposition.
“Further, after ICBA opposition, we applaud the omission of several anti-community banking provisions to hike the corporate and capital gains tax rates, limit the 199A deduction for Subchapter S banks, institute taxation of capital gains at death, reduce the estate tax deduction, curb Section 1031 transfers widely used in rural areas, and restrict Individual Retirement Account investments. Nevertheless, the bill continues to contain harmful provisions, such as Small Business Administration direct lending, a new net investment income tax on active S-corp shareholders, and a surtax on small businesses held in trusts.
“ICBA thanks policymakers who have helped strip these misguided policies from the House bill and will continue working with policymakers on this legislation to ensure the widely opposed IRS policy and anti-community banking tax provisions are fully withdrawn.”
About ICBA
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. ICBA 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.
With nearly 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ more than 700,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5.8 trillion in assets, over $4.8 trillion in deposits, and more than $3.5 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.
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