Community Banks Applaud Attempt to Level Playing Field
WASHINGTON, DC – Community banks have long argued that the field is neither fair nor level when talking about agricultural lending in regards to the Farm Credit System (FCS). It’s not a new issue as the past Congress (116th Congress) had legislation introduced that would not only reduce servicing costs for community banks providing agricultural real estate loans but would also level the playing field between banks and the FCS lenders. Specifically, the bipartisan Enhancing Credit Opportunities in Rural America Act (HR 1977) introduced this past week by Rep. Ron Kind (D-WI) and Rep. Randy Feenstra (R-IA) would end the taxation of interest earned from agricultural real estate loans.
(SOURCE: All Ag News)