arrow_back Civic Audit
Share share

Tax Relief for Small Businesses: Lower Loan Costs

This act aims to ease financial burdens for small businesses, including farms, by exempting banks from taxes on interest from certain loans. This allows banks to offer lower interest rates, making it easier for small businesses to access credit and support their growth. These changes could lead to greater financial stability and job creation in local communities.
Key points
Banks will not pay tax on interest from loans up to $5 million granted to small businesses.
This applies to loans secured by agricultural land or incurred in the ordinary course of business.
The tax exemption is intended to encourage banks to offer cheaper credit to small businesses.
The provisions are valid until the end of 2027, with a possibility of extension after impact assessment.
article Official text account_balance Process page notifications_active Track this Bill
gavel
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens (explained here). Start recording it now.
Additional Information
Print number: 118_HR_3060
Sponsor: Rep. Kim, Andy [D-NJ-3]
Process start date: 2023-05-02
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
AI work logs for this document launch

OFFICIAL LEGAL TITLE

ABC Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_3060.

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 2023-05-02.

What are the main provisions?

Key points include:

  • Banks will not pay tax on interest from loans up to $5 million granted to small businesses.
  • This applies to loans secured by agricultural land or incurred in the ordinary course of business.
  • The tax exemption is intended to encourage banks to offer cheaper credit to small businesses.
  • The provisions are valid until the end of 2027, with a possibility of extension after impact assessment.
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 2025-12-25.

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