3.0.0 3060 2024-07-24T15:22:22Z 2024-07-24T15:22:22Z House H HR 2023-05-02 118 [Congressional Record Volume 169, Number 74 (Tuesday, May 2, 2023)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. KIM of New Jersey:H.R. 3060.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8The single subject of this legislation is:Small business[Page H2128]]]> hswm00 Ways and Means Committee House Standing Referred to 2023-05-02T15:00:45Z 2023-05-02 Referred to the House Committee on Ways and Means. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2023-05-02 Introduced in House IntroReferral Intro-H 9 Library of Congress 2023-05-02 Introduced in House IntroReferral 1000 9 Library of Congress K000394 Rep. Kim, Andy [D-NJ-3] Andy Kim D NJ 3 N B001309 Rep. Burchett, Tim [R-TN-2] Tim Burchett R TN 2 2023-05-02 True Taxation Taxation 2023-05-16T14:00:25Z 00 2023-05-02 Introduced in House 2023-05-16T18:54:05Z Access Business Credit Act of 2023 or the ABC Act of 2023

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.

]]> ABC Act of 2023 Display Title 45 ABC Act of 2023 2024-07-24T15:22:22Z Short Title(s) as Introduced 101 ABC Act of 2023 2024-05-24T13:40:20Z Introduced in House IH Short Title(s) as Introduced 101 Access Business Credit Act of 2023 2024-05-24T13:40:20Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans. 2024-03-18T20:43:45Z Introduced in House IH Introduced in House 2023-05-02T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-118hr3060ih/xml/BILLS-118hr3060ih.xml 2023-05-02 Referred to the House Committee on Ways and Means. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.