S.1226 - Access Business Credit Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Rounds, Mike [R-SD] (Introduced 04/29/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/29/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.1226 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (04/29/2019)
Access Business Credit Act of 2019
This bill 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.