The Independent Community Bankers of America endorsed legislation last week that the organization says would provide tax relief for farmers. The group says the Enhancing Credit Opportunities in Rural America Act would support farmers, ranchers, and rural homeowners by providing tax relief for agricultural and rural residential lending. The bill was introduced by U.S. House Member Lynn Jenkins (R – KS). The bill would also promote access to credit and reduce borrowing costs amid the current weak commodities prices. The banking organization says that, while farmers enjoyed robust prices for commodities earlier this decade, the current downturn in farm prices has reduced net farm income from $128 billion in 2013 to a projected $71.5 billion this year.
Meanwhile, strict mortgage and appraisal regulations are driving lenders out of rural mortgage lending, curtailing access to credit, and threatening the rural housing market. The bill, H.R. 6260, was referred to the House Ways and Means Committee.
Source: NAFB News Service