H.R.3182

Introduced this week in Congress by a bipartisan group of Representatives. This bill would halt the implementation of the expected credit loss standard of CECL until an impact study can be completed. There are 10 cosponsors so far. Ky legislators have not yet signed on as cosponsors, but from our conversations with our delegation this would not appear to be as a result of lack of interest. We will be contacting our delegation and asking each to sign onto HR 3182.

Washington Trip Notes

I went to the trip with more than 37 questions, I received answers for approximately 2!

Kentucky Bank Franchise Tax HB 354

HB 354, the general tax package, was voted out of the House yesterday without any language addressing our bank tax imbalance. The magnitude of the bank tax issue was underscored by the number of calls that began pouring into the KBA office on Thursday from bankers whose legislators were pointing out that the language wasn’t in the bill.