Home > Legislation > 115th Congress > H.R.4424

H.R.4424 - To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.115th Congress (2017-2018) |

Bill

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Sponsor: Rep. Blum, Rod [R-IA-1] (Introduced 11/16/2017)
Committees: House - Ways and Means
Latest Action: House - 11/16/2017 Referred to the House Committee on Ways and Means.  (All Actions)

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This bill has the status Introduced

Here are the steps for Status of Legislation:

  1. Introduced
  2. Passed House
  3. Passed Senate
  4. To President
  5. Became Law

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  • Constitutional Authority Statement
  • CBO Cost Estimates [0]

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Summary: H.R.4424 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for H.R.4424. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (11/16/2017)

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.