To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
The bill requires exclusion of interest on certain small business loans Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section and requires interest on certain small business loans In the case of a bank described in subsection (c), gross income shall not include qualified interest received from a small business during the taxable year. It relies on definition changes, tax rate changes, compliance mandates, and reporting requirements. The main policy areas are Finance, Financial Services, and Agriculture.
Who Benefits and How
Financial services firms and customers affected by the bill could face lower compliance burdens, Businesses and employers affected by the bill could face lower compliance burdens, and Agricultural producers and rural communities affected by the bill could face lower compliance burdens.
Who Bears the Burden and How
Federal, state, or local agencies responsible for implementing the clause would take on compliance duties.
Key Provisions
- Requires exclusion of interest on certain small business loans Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section...
- Requires interest on certain small business loans In the case of a bank described in subsection (c), gross income shall not include qualified interest received from a small business during the taxable year.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill requires exclusion of interest on certain small business loans Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section and requires interest on certain small business loans In the case of a bank described in subsection (c), gross income shall not include qualified interest received from a small business during the taxable year.
Key Policy Areas
Finance, Financial Services, Agriculture
Primary Purpose
The bill requires exclusion of interest on certain small business loans Part III of subchapter B of chapter 1 of the Internal Revenue Code of 1986 is amended by inserting after section 139I the following new section and requires interest on certain small business loans In the case of a bank described in subsection (c), gross income shall not include qualified interest received from a small business during the taxable year.
Policy Domains
Whole bill
Identified Gains
- Financial services firms and customers affected by the bill
- Businesses and employers affected by the bill
- Agricultural producers and rural communities affected by the bill
Identified Costs
- Federal, state, or local agencies responsible for implementing the clause
Sponsors
Andy Kim
D-NJ | Primary Sponsor
Legislative Progress
IntroducedMr. Kim of New Jersey (for himself and Mr. Burchett) …
Impact analysis is available but no clear stakeholder effects identified. View clause-level analysis →
Bill Structure & Actor Mappings
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