Proposal:ABC Act of 2023

This proposal is archived and closed to further debate. It was introduced in the 118th Congress, which has concluded, and the bill was not enacted into law.

Bill	HR 3060
Type of Legislation	House Bill
Congress	118
Status	Archived — 118th Congress concluded
Source	View original on Congress.gov

Geographic Scope

National

Description

Access Business Credit Act of 2023 or the ABC Act of 2023

This bill excludes from the gross income of certain banks, for income tax purposes, interest received on small business loans of up to $5 million. The exclusion does not apply to interest received after 2027.

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, a bank must have less than $50 billion in assets at the close of the preceding taxable year.

Bill Title

ABC Act of 2023

Linked Goals

• Goal:Promote General Welfare

Steps

• 2023-05-02: Referred to the House Committee on Ways and Means.
• 2023-05-02: Introduced in House
• 2023-05-02: Introduced in House

Projected Outcome

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