The House Ways and Means Committee advanced its “One, Big, Beautiful Bill” legislative package with several ICBA tax priorities.
House committee advances tax bill with pro-community bank policies
May 15, 2025 / By ICBA
The House Ways and Means Committee advanced its “One, Big, Beautiful Bill” legislative package with several ICBA tax priorities.
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.
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