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          Obenauer is president and CEO of Union State Bank, Hazen,   “The federal tax code should not pick winners and losers in
          and Peterson is chairman of Cornerstone Bank in Fargo. They   the marketplace,” said Greg Ibach, USDA’s undersecretary
          praised Heitkamp for forging a deal that would expand customer   for marketing and regulatory programs. Congress is moving
          access to mortgages and business loans. “North Dakotans should   to correct the disparity. The National Council of Farmer
          join with people across the country to support this bipartisan   Cooperatives and the National Grain and Feed Association,
          approach to solving problems and Heitkamp and other lawmakers   which have members with both business structures, are working
          who chose to get some ordinary Congressional work done, rather   to revise the provision with Sens. John Hoeven (R-ND) and
          than simply following a partisan pack,” they wrote.    John Thune (R-SD), who originally backed it.
          To read the op-ed visit:
          columns/4387175-obenauer-and-petersen-breaking-partisan-  ABA to Offer Free Webinar to
          pack-benefit-north-dakota                              Sub S Banks on Tax Reform

          Change in Tax Bill Affects                             ABA and the Subchapter S Bank Association will cosponsor
                                                                 a free webinar on Feb. 14, from 1 to 2:30 pm CST, to help
          Cooperatives                                           Subchapter S banks evaluate the effects of the tax reform law’s
                                                                 reduced rates on a bank’s decision to organize as a pass through
          Ag trade groups and federal officials are working to change part
          of the new tax law that gives farmer cooperatives an advantage   entity or as a C corporation. Experts from Crowe Horwath will
          over independently owned businesses. Added days before the   provide an overview of the changes in the new law and review
          tax bill was signed in December, the provision was designed to   operating considerations related to electing S versus C status as
          make sure coops benefit from a new deduction for pass-through   well as sample financial analytics that might be considered in a
          businesses. As written, however, it unintentionally created a   bank’s evaluation.
          significant advantage for farmers who sell grain to coops and   To register for the webinar visit: https://events-na3.
          could allow some farmers to wipe out their taxable income.
          The provision lets farmers deduct 20 percent of their gross sales   event/shared/1967429327/event_registration.html?sco-
          to coops but only 20 percent of their net income if they sell   id=2056722009&utm_campaign=ABA-Newsbytes-
          elsewhere.                                             013118&utm_medium=email&utm_source=Eloqua

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