The House Ways and Means Committee advanced its “One, Big, Beautiful Bill” legislative package with several ICBA tax priorities.

Details: The legislation:

  • Includes an ACRE Act policy to make 25% of interest income on agriculture and ranch real estate loans exempt from federal taxation.

  • Would increase the Section 199A deduction from 20% to 23% and make it permanent to support Subchapter S community banks and other pass-through businesses.

  • Would make 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.