Communities First Act,: A Banking and Taxation Measure (CRS Report for Congress)
| Release Date |
July 3, 2007 |
| Report Number |
RS22210 |
| Report Type |
Report |
| Authors |
Donald J. Marples and Edward Vincent Murphy, Government and Finance Division |
| Source Agency |
Congressional Research Service |
Summary:
This report provides an overview of a proposal to provide small-bank regulatoryand tax relief via legislation, H.R. 1869/S. 1405, 110th Congress. The measure's officialtitle is specified as either the "Community Banks Serving Their Communities First Act,"or the "Communities First Act." Representative Velazquez introduced the legislationon April 17, 2007; the bill was referred jointly to the House Financial ServicesCommittee, the House Ways and Means Committee, and the House Small BusinessCommittee. Senators Brownback, Coburn, and Roberts introduced companionlegislation on May 16, 2007; it was referred to the Committee on Finance. Proponentsindicate that they have developed the bill to give regulatory and tax relief to communitybanks. Going further, the proposed act provides a number of non-bank tax benefits.This report presents its major provisions in legislative issue context.
