S 2378
115th Congress
Senate
Taxation
Agricultural prices, subsidies, credit
Business investment and capital
Income tax exclusion
Interest, dividends, interest rates
Small business
Access Business Credit Act of 2018
Introduced: February 6, 2018
Introduced by:
Rounds, Mike
Republican
· South Dakota
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 6, 2018
Read twice and referred to the Committee on Finance.
Feb 6, 2018
Introduced in Senate
Plain-English summary
Access Business Credit Act of 2018
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 have less than $50 billion in assets at the closing of the preceding taxable year.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1
Cosponsors
1