legislation: 117-hr-9214

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
117-hr-9214 117 hr 9214 ABC Act of 2022 Taxation 2022-10-21 2022-10-21 Referred to the House Committee on Ways and Means. House Rep. Kim, Andy [D-NJ-3] NJ D K000394 0 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. 2022-12-29T13:34:06Z  

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