WASHINGTON — The banking lobby was able to push small business tax relief through as part of the U.S. Troop Readiness and Iraq Appropriations Act (H.R. 2206), providing $4.84 billion in tax relief for thousands of small businesses and community banks.

The president signed the bill into law May 25. The new law provides more than $750 million in ICBA-backed small business tax relief, including improved small business expensing and beneficial Subchapter S tax provisions. Several provisions were part of the ICBA-advanced Communities First Act (S. 1405 and H.R. 1869). They would:

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