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Banks back bill to exempt interest on rural farm, fishing and small‑town housing loans from corporate taxes; advocates warn of lost revenue
Summary
Bankers urged the Revenue Committee to pass House Bill 2,197, which would exclude interest income from certain rural loans from corporate income and commercial activity taxes; opponents said the break would erode the commercial activity tax base and questioned whether it would change lending behavior.
The House Committee on Revenue heard testimony March 4 on House Bill 2,197, a proposal to exempt from corporate income and excise tax, and from the commercial activity tax, interest income that financial institutions earn on loans for agricultural real estate, commercial fishing vessels, and rural residences in towns of 2,500 population or fewer.
Kevin Christiansen, government affairs director for the Oregon Bankers Association, said the measure—described by supporters as Oregon’s version of the Access to Credit for Rural Economy (ACRE) Act—would lower the cost of credit for farmers, ranchers, fishermen and rural homeowners without creating a new government program. “By…
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