US Congress House Bill 4424 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on November 16 2017 - 25% progression, died in committee
Action: 2017-11-16 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans. 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.

To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.

Rep. Rod Blum [R-IA]	Rep. Steve Chabot [R-OH]	Rep. Charlie Crist [D-FL]	Rep. Jim Costa [D-CA]
Rep. Stevan Pearce [R-NM]	Rep. Glenn Grothman [R-WI]	Rep. Steve King [R-IA]	Rep. Bradley Schneider [D-IL]
Rep. Stephanie Murphy [D-FL]	Rep. Timothy Walz [D-MN]	Rep. Tim Walberg [R-MI]

Date	Chamber	Action
2017-11-16	House	Referred to the House Committee on Ways and Means.
2017-11-16	House	Introduced in House

SB2378 (Related) 2018-02-06 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/4424/all-info
Text	https://www.congress.gov/115/bills/hr4424/BILLS-115hr4424ih.pdf