ICBA, state affiliates urge Senate to include ACRE Act in tax bill

ICBA and its 44 state affiliates this week called on senators to include the Access to Credit for our Rural Economy (ACRE) Act (S. 838) in the tax portion of the Senate reconciliation bill, noting it is bipartisan legislation that would reduce high loan interest costs for farmers, ranchers, and rural homeowners.

Details: In a letter to every senator, ICBA and its affiliates noted that the House included a version of ACRE in its reconciliation bill—a critical first step. ICBA and the other groups urged the Senate to fully restore the ACRE tax exemption for interest on loans secured by agricultural land as well as homes in rural areas.

Grassroots Push: ICBA is continuing to urge community bankers to use its Be Heard Grassroots Action Center to ask senators to cosponsor S. 838 and preserve and expand ACRE in the Senate’s reconciliation tax bill.

Key Priority: Support for farmers and rural America is a key platform of ICBA’s “Repair, Reform, and Thrive” legislative plan, open letter to the 119th Congress, and list of top lobbying issues for the recent Capital Summit.