BankWise - February 21, 2019
“We are indispensable to the vibrancy of the state of Minnesota.”
ICBM President & CEO in a letter to our community bank members last week.
ICBM members and staff are visiting St. Paul today to tell lawmakers how integral and important community banks are to Minnesota.
We’re also there to outline our legislative priorities:
Addressing Tax Conformity
Minnesota’s tax code is currently unaligned with the federal tax code, causing headaches for individuals and businesses. We support conforming our state’s code with federal changes, especially regarding federal estate tax exclusion amounts. We support repealing the estate tax.
Leveling the Playing Field on Regulation
ICBM member banks pay exam fees and annual assessments that other regulated industries are exempt from. We support increased transparency, efforts to level this playing field, and ensure that other industries are paying their fair share.
We support efforts to combat elder financial abuse and support increased efforts to promote financial literacy to seniors, young adults, and families.
Owners and CEOs of small- to-medium size businesses located in Minnesota and North Dakota have a chance beef up their entrepreneurial chops through an SBA program.
Emerging Leaders is a free executive-level, mini-MBA style training program; the seven-month intensive education series is for poised-for-growth companies with potential for job creation. It includes approximately 100 hours of class time meeting every other week from April through October. It expands opportunities for small business owners with access to experienced mentors, workshops, and connections with their peers, city leaders and financial communities.
The program has been a catalyst for growth and highly beneficial for small businesses across the country. You may know business owners/leaders who could benefit from the program. A maximum of 20 slots are available in each location. Applications are due March 11; for further details and requirements, see the SBA website.
Corn and soybean producers in the Upper Midwest have another crop insurance option to consider, one they may not be currently familiar with. The Supplemental Crop Option crop insurance alternative will continue with the new farm bill, but most producers in Minnesota and Iowa weren’t previously eligible.
Farmers will have to make a choice on that soon, most likely before details on farm bill implementation are available. The USDA is expected to announce timelines for farm bill implementation soon, however.
Keep reading to learn more about SCO and how farm bill changes could make price loss coverage more attractive.