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Rural Mainstreet Index Soars to Record High: 90% of Bankers Report Labor Shortages Restraining Growth

5/24/2021

May Survey Results at a Glance:

Overall index rocketed to a record high.
Approximately, 60.6% of bank CEOs reported that their local economy expanded between April and May.
Almost nine of 10 bank CEOs indicated that hiring at their bank and in the area was restraining growth.
For the first time since 2013, the regional farmland prices expanded for eight straight months.
On average, bankers reported annual cash rent per acre of $228, which represented growth of 7.3% over the past 12 months.

OMAHA, Neb. (May 20, 2021) – For the sixth straight month, the Creighton University Rural Mainstreet Index (RMI) climbed above growth neutral. According to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.

Overall: The overall index for May jumped to a record high of 78.8 from April’s very healthy 69.0. The index ranges between 0 and 100 with a reading of 50.0 representing growth neutral.

Approximately, 60.6% of bank CEOs reported that their local economy expanded between April and May.

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Iowa Legislature Update: Week Ending May 13, 2021

5/14/2021

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View the Iowa Legislative Bill Tracker

Iowa lawmakers inch toward adjournment
Legislative leaders worked mostly behind the scenes this week crafting a massive tax relief package, setting the stage for adjourning the 2021 session potentially as early as next week.

House and Senate GOP leaders have been at odds over their must-do items on tax policy. The latest Senate bill, SF619, is a sweeping proposal that includes many of the priorities leaders from both chambers have wanted to include in tax reform this year. Among the bill’s chief provisions:

Fully implementing income tax cuts passed in 2018 in SF2417, which reduces rates and the number of tax brackets.
The tax changes were set to go into effect only if revenue targets were met.
Eliminating what is known as “federal deductibility,” which allows taxpayers to deduct what they pay in federal taxes from their Iowa tax bill
Shifting mental health services funding from local property taxes to the state
Expanding the childcare tax credit to apply to taxpayers making up to $90,000. Currently, only those making up to $45,000 qualify for the credit.
Phases out the inheritance tax over three years, with a full repeal in 2024
Requires health insurers to pay providers the same rate for telehealth mental health services as they pay for an in-person visit
Creates an Energy Infrastructure Revolving Loan Program to develop energy infrastructure.

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Rural Mainstreet Index Soars to Record High: 90% of Bankers Report Labor Shortages Restraining Growth

Iowa Legislature Update: Week Ending May 13, 2021

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