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HR 9214 117th Congress House Taxation

ABC Act of 2022

Introduced: October 21, 2022 Introduced by: Kim, Andy Democratic · New Jersey See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 21, 2022
Referred to the House Committee on Ways and Means.
Oct 21, 2022
Introduced in House
 Plain-English summary Congressional Research Service

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.

What's happening now October 21, 2022

Referred to the House Committee on Ways and Means.

 Committees of jurisdiction 1