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Tax breaks for banks supporting small businesses

This new law aims to encourage smaller banks to provide loans to small businesses, including farming operations. These banks will not pay tax on interest earned from such loans, potentially making it easier for small businesses to access financing. These provisions are in effect until the end of 2027.
Key points
Banks with less than $50 billion in assets will not pay tax on interest from loans to small businesses.
This applies to loans up to $5 million, used for business or farming activities.
The goal is to increase access to credit for small businesses, potentially supporting their growth and job creation.
These provisions are temporary and will expire on December 31, 2027, unless Congress decides otherwise.
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Status:
Expired
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Additional Information
Print number: 117_HR_9214
Sponsor: Rep. Kim, Andy [D-NJ-3]
Process start date: 2022-10-21
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

ABC Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9214.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-10-21.

What are the main provisions?

Key points include:

  • Banks with less than $50 billion in assets will not pay tax on interest from loans to small businesses.
  • This applies to loans up to $5 million, used for business or farming activities.
  • The goal is to increase access to credit for small businesses, potentially supporting their growth and job creation.
  • These provisions are temporary and will expire on December 31, 2027, unless Congress decides otherwise.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Kim, Andy [D-NJ-3].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Taxes Economy Agriculture