ABC Act of 2023

Hozzl · 2023-12-15T15:57:41Z

Explore the details of House Bill 3060 ABC Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:57 PM

Summary of Bill HR 3060

Bill 118 HR 3060, also known as the ABC Act of 2023, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address issues related to education and workforce development in the United States.

The ABC Act of 2023 aims to improve access to high-quality education and training programs for individuals of all ages. It seeks to expand opportunities for lifelong learning and skill development, with a focus on preparing individuals for the demands of the modern workforce.

One key provision of the ABC Act of 2023 is the establishment of a grant program to support innovative education and training initiatives. These grants would be awarded to organizations and institutions that demonstrate a commitment to providing high-quality, accessible education and training opportunities. Additionally, the bill includes measures to promote collaboration between educational institutions, employers, and government agencies. This collaborative approach is intended to ensure that education and training programs are aligned with the needs of the labor market, helping individuals develop the skills necessary to succeed in today's economy. Overall, the ABC Act of 2023 represents a comprehensive effort to improve education and workforce development in the United States. By supporting innovative initiatives, promoting collaboration, and expanding access to education and training programs, this bill aims to help individuals of all ages thrive in the modern economy.

Congressional Summary of HR 3060

Access Business Credit Act of 2023 or the ABC Act of 2023

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.

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Current Status of Bill HR 3060

Bill HR 3060 is currently in the status of Bill Introduced since May 2, 2023. Bill HR 3060 was introduced during Congress 118 and was introduced to the House on May 2, 2023. Bill HR 3060's most recent activity was Referred to the House Committee on Ways and Means. as of May 2, 2023