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ICBA urged members of the House Ways and Means Committee Tax Teams to advance several community banking industry tax initiatives as they craft priorities for tax legislation in 2025.
Tax Policy Review: In a letter to the committee’s Main Street, Rural America, and Community Development Tax Teams, ICBA said next year’s expiration of key provisions of the 2017 Tax Cuts and Jobs Act represents an inflection point.
Call to Action: In its letter, ICBA urged lawmakers to:
Permanently extend key expiring provisions of the Tax Cuts and Jobs Act.
Maintain a low corporate tax rate.
Enact the ACRE Act to make interest income on farm real estate and rural mortgage loans tax-exempt.
Review credit union tax exemptions.
Reject any new taxes, fees, or reporting obligations for commercial banks.
Grassroots: Community bankers can use ICBA’s Be Heard grassroots action center to call on their members of Congress to hold a hearing on credit union policy and to support the ACRE Act.