ABC Act of 2023

Summary

Access Business Credit Act of 2023 or the ABC Act of 2023 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.

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Timeline

1. 2 May 2023

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 2 May 2023

   Introduced

   Introduced in House

   Source: IntroReferral

3. 2 May 2023

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 2 May 2023 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 2 May 2023

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 2 May 2023

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 2 May 2023

  Open at official source

Sponsors

• Sen. Kim, Andy [D-NJ] · D · Sponsor
• Tim Burchett · R · Sponsor
• · hswm00 · Standing

Related records

• related to ← ABC Act of 2022