Bankers are supporting a tax reform package they say would help farmers. Ed Elfmann with the American Bankers Association tells Brownfield they are asking farmers and their associations to support the ACRE Act, or Access to Credit for our Rural Economy Act. “What ACRE does is it’s a tax bill that affects banks, but at the end of the day, it makes us more competitive across the board.”
Elfmann says interest rates are really a combination of risk and cost, so lowering the bank’s taxes will level the playing field with other types of ag lenders and lower the cost of money for farmers by reducing lender cost and increasing lender competition.
