Banks reach deal with credit unions

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The state's banks and credit unions on Thursday cut a deal that will avert a showdown in the Legislature over tax policy.

The banks agreed to drop a proposal that would have allowed them to deduct interest income from business loans, which potentially could have cost the state millions in revenue.

As part of the deal, the banks could deduct interest income from agricultural loans and single-family housing loans in rural areas with populations of less than 2,500 people outside a metro area.

The banking industry believes the break on the state's privilege tax for agricultural . . .

SSJ

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