With the U.S. House of Representatives expected to act on a tax reform bill this week, your VERY URGENT action is encouraged to express concerns on specific provisions affecting banks organized as S corporations.
IBAT members should call their members of the U.S. House of Representatives today with the following message:
- H.R. 1 (the tax reform bill) does not afford direct sub s shareholders (employees and directors) the same pass through tax rate as passive shareholders. The majority of sub s shareholders are direct shareholders. Failure to address this disparity would likely result in the elimination of sub s banks and contribute to further consolidation in the community banking industry, with disproportionate effect on rural Texas.
- Please let Ways and Means Chair Kevin Brady and Ways and Means committee member Kenny Marchant know that HR 1 should treat passive and active members the same.
Please use this link, to find the contact information of your member of the U.S. House of Representatives. When calling his/her Capitol offices, you should request to speak with the staff member handling constituent feedback on H.R. 1.
Thank you for your prompt response to this call to action. As always, please share any feedback you receive from your House member.