Knox Times

KNOXVILLE, Tenn. (May 2, 2023) – On May 2, U.S. Congressman Tim Burchett (TN-02) and Rep. Andy Kim (NJ-03) reintroduced the Access Business Credit Act. This bill would create a new incentive program that would empower community banks to lend to small businesses by easing their tax burden. 

"East Tennessee is full of family-owned small businesses that keep the state running," said Rep. Burchett. "Government should create an environment that spurs job growth, and this legislation would do just that by supporting better access to credit for small business owners in both rural and urban areas. I'm proud to support this bill and small business owners across the nation."

"Small businesses are the lifeblood of New Jersey's 3rd Congressional District's economy. When small businesses throughout Burlington, Mercer, and Monmouth Counties succeed, we all succeed," said Congressman Kim. "I've heard from our local small business owners that they need more access to credit and want to see Washington make key programs work better for them. I look forward to working with my colleagues on both sides of the aisle to lift up our entrepreneurs and help them build opportunities in New Jersey and across the country."

The legislation would amend the Internal Revenue Code to allow smaller community banks to exclude qualified interest received by a lender for small business loans from their gross income for tax purposes.

The full text of the Access Business Credit Act is available here.  

Original source can be found here.