From the ICBA: Agricultural production and the prosperity of farmers are crucial to rural economies where thousands of jobs are connected to the sector, and Community Banks are a critical partner.
Legislation has been introduced in both the House and Senate that will allow community banks to help farmers remain viable in a sometimes-challenging environment. It exempts interest on loans–secured by agricultural real estate–from taxable income, giving lenders more flexibility to work with farmers, ranchers and rural homeowners and providing lenders with a strong incentive to continue to make these loans. The bill helps level the competitive environment for community banks by providing similar tax benefits already enjoyed by other lenders in rural communities.
Please review the letter and talking points and ask your members of Congress to support rural America and the community banks who serve them by cosponsoring the Enhancing Credit Opportunities in Rural America Act (the ECORA Act, H.R. 1872 and S. 1641). Thank you for your support.
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