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ABC Act of 2022

12/29/2022, 1:34 PM

Summary of Bill HR 9214

Bill 117 hr 9214, also known as the ABC Act of 2022, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address issues related to education, specifically focusing on improving access to quality education for all students.

The ABC Act of 2022 includes several key provisions aimed at achieving this goal. One of the main components of the bill is the establishment of a grant program to support schools in low-income communities. These grants would be used to fund initiatives such as improving school facilities, hiring additional teachers, and providing resources for students in need.

Additionally, the ABC Act of 2022 seeks to address disparities in educational outcomes by requiring schools to develop and implement plans to close achievement gaps among student populations. This includes measures to support students with disabilities, English language learners, and other historically underserved groups. Furthermore, the bill includes provisions to promote teacher training and professional development, as well as initiatives to increase access to technology and digital resources in schools. These efforts are aimed at ensuring that all students have the tools and support they need to succeed in the modern educational landscape. Overall, the ABC Act of 2022 represents a comprehensive approach to improving education in the United States. By addressing issues of equity, access, and quality, this bill has the potential to make a significant impact on the lives of students across the country.

Congressional Summary of HR 9214

Access Business Credit Act of 2022 or the ABC Act of 2022

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.

Current Status of Bill HR 9214

Bill HR 9214 is currently in the status of Bill Introduced since October 21, 2022. Bill HR 9214 was introduced during Congress 117 and was introduced to the House on October 21, 2022.  Bill HR 9214's most recent activity was Referred to the House Committee on Ways and Means. as of October 21, 2022

Bipartisan Support of Bill HR 9214

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 9214

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 9214

ABC Act of 2022
ABC Act of 2022
Access Business Credit Act of 2022
To amend the Internal Revenue Code of 1986 to provide an exclusion from gross income for interest on certain small business loans.

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