Senate passes farm bill without provision adverse to CPA firms.

• Position: Legislation

In Dec. 2007, the Senate passed its version of the Farm Bill without any increase in the lending authority of the Farm Credit System. Thus, there are no provisions in either the House or the Senate versions that would create unfair competition for AICPA members who offer financial services, such as accounting and tax, to small businesses in rural America. The House of Representatives passed the Farm Bill Extension Act of 2007 in Aug. after having removed a provision that would have allowed an expansion of the FCS's ability to offer financial...