115-hr-4424115th Congress

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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