HR 4805
116th Congress
House
Taxation
Agricultural prices, subsidies, credit
Business investment and capital
Congressional oversight
Income tax exclusion
Interest, dividends, interest rates
Small business
ABC Act of 2019
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 23, 2019
Referred to the House Committee on Ways and Means.
Oct 23, 2019
Introduced in House
Plain-English summary
Access Business Credit Act of 2019 or the ABC Act of 2019
This bill modifies the requirements for calculating taxable income 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
Referred to the House Committee on Ways and Means.
Committees of jurisdiction
1
Cosponsors
1