To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.
Sponsored By: Representative Blum, Rod [R-IA-1]
Unknown
Summary
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.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Blum, Rod [R-IA-1]
IA • R
Cosponsors
Rep. Chabot, Steve [R-OH-1]
OH • R
Sponsored 11/16/2017
Rep. Crist, Charlie [D-FL-13]
FL • D
Sponsored 11/16/2017
Rep. Pearce, Stevan [R-NM-2]
NM • R
Sponsored 12/11/2017
Rep. King, Steve [R-IA-4]
IA • R
Sponsored 1/11/2018
Rep. Costa, Jim [D-CA-21]
CA • D
Sponsored 11/28/2017
Rep. Grothman, Glenn [R-WI-6]
WI • R
Sponsored 1/9/2018
Rep. Schneider, Bradley Scott [D-IL-10]
IL • D
Sponsored 1/29/2018
Rep. Murphy, Stephanie N. [D-FL-7]
FL • D
Sponsored 2/6/2018
Rep. Walz, Timothy J. [D-MN-1]
MN • D
Sponsored 2/14/2018
Rep. Walberg, Tim [R-MI-5]
MI • R
Sponsored 6/5/2018
Roll Call Votes
No roll call votes available for this bill.
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