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Bank Tax Relief Signed into Law with Iraq Supplemental Funding

The banking lobby pushed small business tax relief through as part of the U.S. Troop Readiness and Iraq Appropriations Act (H.R. 2206), which will provide $4.84 billion in tax relief for thousands of small businesses and community banks. The president signed the bill into law May 25 after it passed...

By Sarah Snell Cooke | Updated on June 05, 2007

WASHINGTON — The banking lobby pushed small business tax relief through as part of the U.S. Troop Readiness and Iraq Appropriations Act (H.R. 2206), which will provide $4.84 billion in tax relief for thousands of small businesses and community banks.The president signed the bill into law May 25 after it passed the House by a narrow margin, 221-205, but made it through the Senate unanimously on a voice vote.

Independent Community Bankers of America Chairman James P. Ghiglieri, president of Alpha Community Bank, Toluca, Ill., stated, “Community banks are the backbone of our local economies and this new law helps free up resources to better support the communities we serve. We are absolutely delighted that Congress and the White House worked together to enact legislation that benefits community banks, and the small businesses and people in our communities.”

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