H.R. 9214 · 117th Congress
ABC Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KimSponsorNo cosponsors.
This bill excludes from the gross income of certain banks, for income tax purposes, interest received on small business loans of up to $5 million. The exclusion does not apply to interest received after 2027.
What it does: CRS summary · Introduced in House · Oct 21, 2022
Access Business Credit Act of 2022 or the ABC Act of 2022
This bill excludes from the gross income of certain banks, for income tax purposes, interest received on small business loans of up to $5 million. The exclusion does not apply to interest received after 2027.
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, a bank must have less than $50 billion in assets at the close 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 2022
Also known as: Access Business Credit Act of 2022
Latest action (Oct 21, 2022): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 21, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.