H.R. 4805 · 116th Congress
ABC Act of 2019
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KimSponsor3 cosponsors · 2 D, 1 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill modifies the requirements for calculating taxable income 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 · Oct 23, 2019
Access Business Credit Act of 2019 or the ABC Act of 2019
This bill modifies the requirements for calculating taxable income 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 have less than $50 billion in assets at the closing of the preceding taxable year.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: ABC Act of 2019
Also known as: Access Business Credit Act of 2019
Latest action (Oct 23, 2019): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 23, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.