As Congress continues working on a legislative vehicle to extend the Tax Cuts and Jobs Act (TCJA), I want to provide a brief update on a major priority for me and all of you.

Before I do, I want to thank you all for the work that you do to offer reliable, affordable credit to our families, farmers, businesses, and manufacturers across Iowa – in communities large and small, rural and urban. Having worked at Iowa State Bank in my hometown of approximately 2,500 people – Hull, Iowa – selling all kinds of insurance and overseeing the insurance division of nine of ISB’s branches, I know and appreciate the positive investments that you make and the dependable services that you provide to our communities.

Community banks power economic growth up and down our main streets, support investment in communities of all sizes, and literally lend a helping hand to our families, farm producers, and small businesses, especially in rural areas. Truly, thank you for all that you do.

On Tuesday March 4th, I’m excited to report that I introduced H.R. 1822, the Access to Credit for our Rural Economy Act – known as the ACRE Act for short – with U.S. Reps. Nathaniel Morgan (R-TX) and Don Davis (D-NC) as well as U.S. Senators Jerry Moran (R-KS), Tommy Tuberville (R-AL), Kevin Cramer (R-ND), Angus King (I-ME), and Ruben Gallego (D-AZ).

As you likely know, the ACRE Act would amend IRS code to level the playing field for community banks to administer agricultural real estate loans by granting them tax exempt status on earned interest. This same exemption already applies to farm credit institutions and is simply a matter of fairness. Additionally, this exemption would apply to single-family home mortgage loans in rural communities with fewer than 2,500 residents and for mortgages less than $750,000.

As a member of the House Ways and Means Committee, a top priority for me is bringing jobs and investment to rural communities and helping business, agriculture, and industry grow, develop, and thrive. The ACRE Act would achieve these goals and more. This commonsense legislation would ensure that our families can buy homes in rural areas, our producers can access the capital that they need to feed and fuel our country and the world, and our community banks can offer credit at lower rates and with greater flexibility.

Thank you, again, for all that you do for our families, farmers, businesses, and communities. As we work together to make the ACRE Act law, please do not hesitate to reach out to my office online at Feenstra.House.Gov or give us a call at 202-225-4426.

Blessings,

Randy Feenstra