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Home Ag Banking

House committee advances tax package with ABA priorities

May 14, 2025
Reading Time: 1 min read
ABA comments on proposal to improve accounting in tax credit structures

The House Ways and Means Committee voted along party lines today to advance a federal budget reconciliation tax package that includes several of the American Bankers Association’s policy priorities. The legislation now heads to the House Budget Committee.

ABA priorities in the legislation include:

  • Language to make permanent and expand the Section 199A pass-through deduction.
  • Language adding a modified version of the Access to Credit for our Rural Economy, or ACRE, Act.
  • A provision to extend and enhance the estate tax exemption.
  • Language to make permanent the preferential rates on global intangible low-taxed income (GILTI) and foreign-derived intangible income (FDII) and extend the current base-erosion and anti-abuse tax (BEAT) rates.
  • A provision to strengthen the Low-Income Housing Tax Credit.

Tags: ABA newsACREAffordable housingCongress
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