Proposal:ABC Act of 2019

This proposal is archived and closed to further debate. It was introduced in the 116th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 4805
Type of Legislation	House Bill
Congress	116
Source	View original on Congress.gov

Geographic Scope

National

Description

Access Business Credit Act of 2019 or the ABC 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.

Bill Title

ABC Act of 2019

Linked Goals

• Goal:Promote General Welfare

Steps

• 2019-10-23: Referred to the House Committee on Ways and Means.
• 2019-10-23: Introduced in House
• 2019-10-23: Introduced in House

Projected Outcome

A more informed proposal or public response aligned with the Promote General Welfare goal.