ICBA today is calling on the House Ways and Means Committee to take up ICBA-advocated 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.
ICBA Statement: In a statement for the record for today’s field hearing in Scottsdale, Ariz., on empowering Native American and rural communities, ICBA said the bill would promote the availability of affordable homes in rural Native American and other communities.
Background: The ACRE Act was one of the top lobbying priorities during ICBA’s recent Capital Summit in Washington. During the summit, ICBA released polling conducted by Morning Consult that found that 70% of Americans say 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 for the bill.
