To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.

Summary

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.

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Timeline

1. 16 November 2017

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 16 November 2017

   Introduced

   Introduced in House

   Source: IntroReferral

3. 16 November 2017

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 16 November 2017 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 November 2017

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 16 November 2017

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 16 November 2017

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Blum, Rod [R-IA-1] · R · Sponsor
• Rep. Chabot, Steve [R-OH-1] · R · Sponsor
• Rep. Crist, Charlie [D-FL-13] · D · Sponsor
• Rep. Costa, Jim [D-CA-21] · D · Cosponsor
• Rep. Pearce, Stevan [R-NM-2] · R · Cosponsor
• Rep. Grothman, Glenn [R-WI-6] · R · Cosponsor
• Rep. King, Steve [R-IA-4] · R · Cosponsor
• Rep. Schneider, Bradley Scott [D-IL-10] · D · Cosponsor
• Rep. Murphy, Stephanie N. [D-FL-7] · D · Cosponsor
• Rep. Walz, Timothy J. [D-MN-1] · D · Cosponsor
• Rep. Walberg, Tim [R-MI-5] · R · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Access Business Credit Act of 2018