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Omnibus Funding and Tax Extenders Signed into Law

Congress passed and President Obama signed into law a $1.1 trillion omnibus spending bill and a $680 billion package of tax extenders, wrapping-up the 2015 congressional session. While CBAI was disappointed that no additional regulatory relief for community banks was included in this legislation, the year-end package did include CBAI and ICBA-supported provisions to:

  • pass the Cybersecurity Information Sharing Act, which encourages the public and private sectors to voluntarily share critical cyber-threat information,
  • require regulators to study and report to Congress the effect of the Basel III capital requirements on mortgage-servicing assets,
  • increase by $3 billion funding for the Small Business Administration’s 7(a) guaranteed loan program,
  • reauthorize SBA’s expired 504 refinance program,
  • continue SBA fee waivers for loans to veterans,
  • make permanent a five-year S-Corp recognition period for built-in gains,
  • permanently extend the S-Corp stock basis adjustment for charitable contributions of property, and
  • cement a $500,000 Section 179 expensing limit for new and used equipment including off-the-shelf-software.

Following December’s passage of the CBAI and ICBA-backed regulatory relief measures in the highway and transportation funding bill, both Associations worked diligently to include additional regulatory relief in the funding and tax legislation. CBAI and ICBA will continue working with lawmakers to expand regulatory relief for community banks in 2016. CBAI thanks the many members of the Illinois Congressional delegation for their overwhelming and bi-partisan support for this important legislation. December 21, 2015