HR 4424
115th Congress
House
Taxation
Agricultural prices, subsidies, credit
Business investment and capital
Income tax exclusion
Interest, dividends, interest rates
Small business
To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.
Introduced: November 16, 2017
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 16, 2017
Referred to the House Committee on Ways and Means.
Nov 16, 2017
Introduced in House
Plain-English 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.
What's happening now
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1