118th Congress Taxation
H.R. 3060: ABC Act of 2023
Introduced
- Introduced (completed)
- Passed House (not reached)
- Passed Senate (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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 Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Tim Burchett R-TNOriginal
Who scored on this bill
- 1Andy Kim SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Andy Kim
- S.J.Res. 126: Disapproval of Bureau of Consumer Financial Protection relating to the withdrawal of the rule rule: Fair Debt Collection Practices Act (Regulation F); Time-Barred Debt
- S.J.Res. 127: Disapproval of Bureau of Consumer Financial Protection relating to the withdrawal of the rule rule: Fair Credit Reporting; File Disclosure
History
- Introduced in the House by Andy Kim.
Show the full action history (2 actions)
- Introduced in House
- Referred to the House Committee on Ways and Means.