ICBA Lauds House Estate Tax Relief Vote

Apr 05, 2001, 01:00 ET from Independent Community Bankers of America

    WASHINGTON, April 5 /PRNewswire/ -- The Independent Community Bankers of
 America applauds the House of Representatives for passing estate tax relief.
 For the ICBA, reducing the punitive estate tax is a top tax legislative
 priority for the 107th Congress.
     The ICBA has staunchly supported H.R. 8 -- the Dunn-Tanner relief plan --
 as a way to eliminate the onerous estate tax.  David R. Seim, president and
 CEO of Lubbock National Bank in Lubbock, Texas, and chairman of ICBA's Tax
 Committee stated, "The estate tax threatens the continued viability of family-
 owned community banks and the small business and family farm customers they
 serve. We're delighted the House recognized the estate tax can lead to the
 demise of many small family-owned business and local communities they support
 and has passes much needed relief."
     "The steep, 55 percent top estate tax rate forces many families to
 liquidate and sell their small businesses or farms just to pay the tax
 collector -- rather than being able to pass those belongings onto their next
 generation -- often wiping out a lifetime of hard work," stated Seim.  "We are
 confident our continued lobbying efforts for estate tax relief will result in
 the Senate quickly addressing estate tax relief legislation as well."
     ICBA is the primary voice for the nation's community banks, representing
 5,300 institutions at nearly 17,000 locations nationwide.  Community banks are
 independently owned and operated and are characterized by attention to
 customer service, lower fees and small business, agricultural and consumer
 lending.  ICBA's members hold more than $486 billion in insured deposits, $592
 billion in assets and more than $355 billion in loans for consumers, small
 businesses and farms.  They employ nearly 239,000 citizens in the communities
 they serve.  For more information, visit www.icba.org.
 
 

SOURCE Independent Community Bankers of America
    WASHINGTON, April 5 /PRNewswire/ -- The Independent Community Bankers of
 America applauds the House of Representatives for passing estate tax relief.
 For the ICBA, reducing the punitive estate tax is a top tax legislative
 priority for the 107th Congress.
     The ICBA has staunchly supported H.R. 8 -- the Dunn-Tanner relief plan --
 as a way to eliminate the onerous estate tax.  David R. Seim, president and
 CEO of Lubbock National Bank in Lubbock, Texas, and chairman of ICBA's Tax
 Committee stated, "The estate tax threatens the continued viability of family-
 owned community banks and the small business and family farm customers they
 serve. We're delighted the House recognized the estate tax can lead to the
 demise of many small family-owned business and local communities they support
 and has passes much needed relief."
     "The steep, 55 percent top estate tax rate forces many families to
 liquidate and sell their small businesses or farms just to pay the tax
 collector -- rather than being able to pass those belongings onto their next
 generation -- often wiping out a lifetime of hard work," stated Seim.  "We are
 confident our continued lobbying efforts for estate tax relief will result in
 the Senate quickly addressing estate tax relief legislation as well."
     ICBA is the primary voice for the nation's community banks, representing
 5,300 institutions at nearly 17,000 locations nationwide.  Community banks are
 independently owned and operated and are characterized by attention to
 customer service, lower fees and small business, agricultural and consumer
 lending.  ICBA's members hold more than $486 billion in insured deposits, $592
 billion in assets and more than $355 billion in loans for consumers, small
 businesses and farms.  They employ nearly 239,000 citizens in the communities
 they serve.  For more information, visit www.icba.org.
 
 SOURCE  Independent Community Bankers of America