H.R.4424 - To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.115th Congress (2017-2018) |
|Sponsor:||Rep. Blum, Rod [R-IA-1] (Introduced 11/16/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 11/16/2017 Referred to the House Committee on Ways and Means. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.4424 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (11/16/2017)
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.