In a joint letter with the Independent Community Bankers of America yesterday, ABA wrote to leaders of the House and Senate Agriculture Committees thanking them for their efforts to craft the 2018 Farm Bill.
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A little after midnight this morning, the Senate voted to pass a $1.3 trillion spending bill that will fund the government through the end of the fiscal year on Sept. 30.
Hopefully an unintended consequence of the major tax legislation enacted in December will be the triggering of a fundamental review of the taxation of the FCS and agricultural co-ops relative to banks and other investor-owned businesses.
One unintended effect of the wide-ranging tax legislation Congress enacted last month was a slight reduction in the competitive edge the FCS has long had for loans secured by real estate.
After a flurry of last-minute amendments closely tracked by ABA, the Senate overnight voted to pass a sweeping tax cut and reform bill.
As the legislative process continues for the first major tax code overhaul in three decades, Senate Finance Committee Chairman Orrin Hatch (R-Utah) yesterday released his own draft of tax reform legislation.