Number: RS22210
Title: Communities First Act,: A Banking and Taxation Measure
Authors: Donald J. Marples and Edward Vincent Murphy, Government and Finance Division 
Abstract: This report provides an overview of a proposal to provide small-bank regulatory and tax relief via legislation, H.R. 1869/S. 1405, 110th Congress. The measure's official title is specified as either the "Community Banks Serving Their Communities First Act," or the "Communities First Act." Representative Velazquez introduced the legislation on April 17, 2007; the bill was referred jointly to the House Financial Services Committee, the House Ways and Means Committee, and the House Small Business Committee. Senators Brownback, Coburn, and Roberts introduced companion legislation on May 16, 2007; it was referred to the Committee on Finance. Proponents indicate that they have developed the bill to give regulatory and tax relief to community banks. Going further, the proposed act provides a number of non-bank tax benefits. This report presents its major provisions in legislative issue context.
Pages: 5
Date: July 3, 2007