US SB1226 | 2019-2020 | 116th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on April 29 2019 - 25% progression, died in committee
Action: 2019-04-29 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on April 29 2019 - 25% progression, died in committee
Action: 2019-04-29 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
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.
Title
Access Business Credit Act of 2019
Sponsors
Sen. Mike Rounds [R-SD] | Sen. Tammy Duckworth [D-IL] |
History
Date | Chamber | Action |
---|---|---|
2019-04-29 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB4805 (Related) 2019-10-23 - Referred to the House Committee on Ways and Means.
Subjects
Agricultural prices, subsidies, credit
Business investment and capital
Income tax exclusion
Interest, dividends, interest rates
Small business
Taxation
Business investment and capital
Income tax exclusion
Interest, dividends, interest rates
Small business
Taxation
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/116th-congress/senate-bill/1226/all-info |
Text | https://www.congress.gov/116/bills/s1226/BILLS-116s1226is.pdf |