H.R. 4424 · 115th Congress
To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain…
Full title
To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
BlumSponsor10 cosponsors · 5 D, 5 R
R
Chabot
CC
D
Crist
JC
D
Costa
SP
R
Pearce
GG
R
Grothman
SK
R
King
BS
D
Schneider
SM
D
Murphy
TW
D
Walz
TW
R
Walberg2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Internal Revenue Code to exclude from the gross income of certain banks interest received on small business loans of up to $5 million.
What it does: CRS summary · Introduced in House · Nov 16, 2017
This bill amends the Internal Revenue Code to exclude from the gross income of certain banks interest received on small business loans of up to $5 million.
The bill applies to loans that are: (1) secured by land situated in the United States that is used or held by the small business in connection with the active conduct of a farming business, or (2) incurred in the ordinary course of the trade or business of the small business.
To be eligible for the exclusion, the bank must: (1) have less than $50 billion in assets at the closing of the preceding taxable year, and (2) receive the interest before 2019.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.
Latest action (Nov 16, 2017): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Nov 16, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.