ABA Banking Journal
No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
SUBSCRIBE
ABA Banking Journal
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive
No Result
View All Result
No Result
View All Result
ADVERTISEMENT
Home Ag Banking

Democrats on Ag Committee reintroduce Family Farmer and Rancher Tax Fairness Act

February 4, 2023
Reading Time: 1 min read
Democrats on Ag Committee reintroduce Family Farmer and Rancher Tax Fairness Act

Late last month, a group of Democratic senators, including Cory Booker (N.J.), Debbie Stabenow (Mich.), Raphael Warnock (Ga.), and Tina Smith (Minn.), all members of the Senate Committee on Agriculture, Nutrition and Forestry, reintroduced the Family Farmer and Rancher Tax Fairness Act.

The legislation would remove the tax liability for distressed farmers on the assistance provided under Sections 22006 and 22007 of the Inflation Reduction Act (IRA). Currently, farm loan borrowers who are already at financial risk are facing tax liability on the IRA assistance.

“The critical financial assistance we fought to include in the Inflation Reduction Act is a lifeline for farmers around the country struggling to hold on to their farms,” said Booker. “However, those same farmers are now facing a burdensome tax liability that can plunge them into deeper debt. Congress must quickly remove these tax liabilities to ensure that farmers who received assistance stay on the path back to financial stability.”

Section 22006 of the IRA authorizes payments to distressed farm loan borrowers, particularly those borrowers whose agricultural operations are at financial risk. Section 22007 of the IRA provides financial assistance to Black farmers and others who have suffered discrimination through USDA’s farm lending programs. Distressed borrowers with qualifying USDA farm loans have already received nearly $800 million in assistance as part of the $3.1 billion for distressed farm loan borrowers provided through Section 22006, and these farmers face IRS tax liability.

Full text of the proposed legislation can be found here.

ADVERTISEMENT
Tags: Farm bankingRural banking
ShareTweetPin

Related Posts

ABA comments on proposal to improve accounting in tax credit structures

House committee advances tax package with ABA priorities

Ag Banking
May 14, 2025

The House Ways and Means Committee voted along party lines to advance a federal budget reconciliation tax package that includes several of ABA's policy priorities

ABA unveils key policy priorities for 2025

ABA announces support for several provisions in budget reconciliation tax package

Ag Banking
May 13, 2025

ABA strongly supports several provisions in the federal budget reconciliation tax package, including language to make permanent the Section 199A pass-through deduction, ABA President and CEO Rob Nichols said.

ABA, associations urge Congress to overturn CFPB credit card late fees rule

Federal budget reconciliation tax package includes ACRE Act, other ABA priorities

Ag Banking
May 12, 2025

Congressional leaders unveiled a federal budget reconciliation tax package that contains several banking industry priorities, including language to expand access to affordable real estate credit in rural areas, as championed by ABA.

ABA, associations: Farm Bill needed amid worsening economic situation in farm country

ABA’s Nichols: ACRE Act would help struggling ag economy

Ag Banking
May 5, 2025

The bipartisan ACRE Act would provide much-needed help to rural communities at a time when the U.S. agriculture economy is struggling, ABA President and CEO Rob Nichols wrote in an op-ed for Agri Pulse.

Survey finds small-business lending fraud on rise

How a Georgia community bank supports government-guaranteed lending nationwide

ABA Banking Journal Podcast
May 1, 2025

Government-guaranteed lending requires special expertise and back-office functionality that grows increasingly expensive for smaller banks.

Farm Credit returns excess insurance funds to system banks

Survey: Commercial banks’ farm lending strong into Q1

Ag Banking
April 25, 2025

According to a Kansas City Fed survey, the volume of farm operating loans increased sharply from a year ago alongside an increase in the number of large loans.

NEWSBYTES

FDIC provides update on Deposit Insurance Fund restoration

May 20, 2025

ABA urges House lawmakers to support several banking-related bills

May 20, 2025

First National Bank in South Dakota to buy Wyoming Bank & Trust

May 20, 2025

SPONSORED CONTENT

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

Choosing the Right Account Opening Platform: 10 Key Considerations for Long-Term Success

April 25, 2025
Outsourcing: Getting to Go/No-Go

Outsourcing: Getting to Go/No-Go

April 5, 2025
Six Payments Trends Driving the Future of Transactions

Six Payments Trends Driving the Future of Transactions

March 15, 2025
AI for Banks: A Starter Guide for Community and Regional Institutions

AI for Banks: A Starter Guide for Community and Regional Institutions

March 1, 2025

PODCASTS

Podcast: Accelerating banking for quick-service restaurants

May 8, 2025

How a Georgia community bank supports government-guaranteed lending nationwide

May 1, 2025

Podcast: Quantum computing’s shakeup in payments, cybersecurity

April 24, 2025
ADVERTISEMENT

American Bankers Association
1333 New Hampshire Ave NW
Washington, DC 20036
1-800-BANKERS (800-226-5377)
www.aba.com
About ABA
Privacy Policy
Contact ABA

ABA Banking Journal
About ABA Banking Journal
Media Kit
Advertising
Subscribe

© 2025 American Bankers Association. All rights reserved.

No Result
View All Result
  • Topics
    • Ag Banking
    • Commercial Lending
    • Community Banking
    • Compliance and Risk
    • Cybersecurity
    • Economy
    • Human Resources
    • Insurance
    • Legal
    • Mortgage
    • Mutual Funds
    • Payments
    • Policy
    • Retail and Marketing
    • Tax and Accounting
    • Technology
    • Wealth Management
  • Newsbytes
  • Podcasts
  • Magazine
    • Subscribe
    • Advertise
    • Magazine Archive
    • Newsletter Archive
    • Podcast Archive
    • Sponsored Content Archive

© 2025 American Bankers Association. All rights reserved.