Deputy Treasury Secretary Michael Faulkender told community bankers at the ICBA Capital Summit that Trump administration tax priorities pending in Congress would support community banks and local communities.
Pro-Community Bank Policies: During a fireside chat with ICBA President and CEO Rebeca Romero Rainey, Faulkender cited pro-community bank tax policies included in tax legislation being marked up by the House Ways and Means Committee.
ICBA-Advocated Policies: The tax legislation, which the House committee began marking up Tuesday, includes the following ICBA-advocated provisions:
An ACRE Act policy to make 25% of interest income on agriculture and ranch real estate loans exempt from federal taxation.
Increasing the Section 199A deduction from 20% to 23% and making it permanent to support Subchapter S community banks and other pass-through businesses.
Making permanent lower individual rates, a higher estate tax exemption, and a higher alternative minimum tax exemption.
ICBA Statement: In a national news release earlier this week, ICBA President and CEO Rebeca Romero Rainey thanked committee Chairman Jason Smith (R-Mo.) and members of the committee for their work on the tax package.
Meetings with Congress: With community bankers gathered in the nation’s capital for the 2025 ICBA Capital Summit, ICBA’s lobby card features the association’s top priorities for meetings with lawmakers, including its policies on major tax legislation and its call for lawmakers to end the federal tax exemption for credit unions over $1 billion in assets.
ICBA View: ICBA’s “Repair, Reform, and Thrive” plan and open letter to the 119th Congress further detail its calls for pro-growth tax relief and urge lawmakers to use the current debate over tax reform to address credit unions’ tax and regulatory advantages.
