The banking lobby has drawn what it hopes is a powerful sword in its crusade against an increase in the member business lending cap: taxes.
The Independent Community Bankers of America asked Congressional Budget Office and Joint Committee on Taxation leaders to calculate how S. 2231, if passed, would reduce bank tax bills.
In a letter from ICBA President/CEO Camden Fine to CBO Director Douglas Elmendorf and JCT Chief of Staff Thomas Barthold, Fine said increasing the MBL cap from 12.25% to 27.5% of assets is "often misrepresented by some as a 'cost-free' means of expanding small business credit."
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