[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 10243 Introduced in House (IH)]

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118th CONGRESS
  2d Session
                               H. R. 10243

 To amend the Small Business Act to establish requirements relating to 
the submission of tax returns or tax return transcripts for a disaster 
                     loan, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 21, 2024

Ms. Velazquez introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
 To amend the Small Business Act to establish requirements relating to 
the submission of tax returns or tax return transcripts for a disaster 
                     loan, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Disaster Loan Equity for Territories 
Act of 2024''.

SEC. 2. DISASTER LOAN TAX REQUIREMENTS.

    Section 7(b) of the Small Business Act (15 U.S.C. 636(b)) is 
amended--
            (1) by redesignating the second paragraph (16) (relating to 
        statute of limitations) as paragraph (17); and
            (2) by inserting after paragraph (17), as so redesignated, 
        the following new paragraph:
            ``(18) Tax return requirement.--
                    ``(A) In general.--The Administrator shall require 
                an applicant for a loan under this subsection to submit 
                a tax return or tax return transcript before approval 
                of such loan.
                    ``(B) Exception.--Notwithstanding subparagraph (A), 
                the Administrator shall provide conditional loan 
                approval to an applicant who is a resident of a 
                territory and does not pay Federal income taxes if loan 
                proceeds will not be disbursed to the applicant until 
                the applicant submits a tax return or tax return 
                transcript from the relevant tax agency of the 
                territory in which the applicant resides.
                    ``(C) Facilitation.--The Administrator shall 
                facilitate the request of an applicant to the Internal 
                Revenue Service or the relevant tax agency for the tax 
                return or tax return transcript of the applicant that 
                is made for the purposes of this paragraph.
                    ``(D) Territory defined.--In this paragraph, the 
                term `territory' means American Samoa, Guam, the 
                Commonwealth of Puerto Rico, the Northern Mariana 
                Islands, or the United States Virgin Islands.''.
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