ABA: Key Provisions in Budget Reconciliation Package Will Allow Banks to Better Serve Their Customers and Communities

“ABA congratulates Senate Majority Leader Thune, Speaker Johnson and the House and Senate GOP conferences for passing their budget reconciliation package, which includes several ABA-supported provisions that will make banks stronger and better able to serve their customers and communities. We particularly appreciate the bill’s enactment of a modified ACRE Act, which will reduce the cost of credit in rural communities, and the decision to make permanent several tax provisions important to driving economic growth, including the Section 199A pass-through deduction, the enhanced estate tax exemption, the New Markets Tax Credit, immediate expensing for R&D costs, bonus depreciation and tweaks to the Section 163(j) interest deductibility calculation. Having certainty about the tax code moving forward will allow banks of all sizes and their more than two million employees to provide even more support to the U.S. economy. 

“We also welcome provisions to strengthen the Low-Income Housing Tax Credit, provide more oversight and accountability of CFPB funding and expand access to Health Savings Accounts so more Americans can use HSAs to help cover rising health care costs. We look forward to President Trump signing these important provisions into law."