12/22/2016

Tax

ICBA Outlines Tax-Reform Principles in Congressional Letter

ICBA laid out its tax-reform priorities in a letter to House and Senate lawmakers preparing to overhaul the tax code. In a letter to heads of the House Ways and Means and Senate Finance committees, ICBA wrote that properly handled tax reform will improve the economy, but Congress should heed community bank concerns.

As Capitol Hill prepares to pursue the first comprehensive tax reform in three decades, ICBA advocated various policies, including:

• lower marginal tax rates for individuals, corporations and businesses,
• preserving the business interest deduction to avoid double taxation,
• rate parity and improved capital options for Subchapter S institutions,
• tax incentives for targeted community bank lending,
• tax parity for financial services providers, such as credit unions and Farm Credit System lenders, and
• a repeal of the estate tax.

While the debate over tax reform continues, ICBA will remain at the table to maximize the benefits of reform to community bankers, local communities, and the nation’s financial system. Read ICBA Letter.