Small Business Lending Incentive Program Act of 2010

Small Business Lending Incentive Program Act of 2010 - Amends the Internal Revenue Code to allow certain small banks a business-related tax credit for 1% of the total amount of loans made to small business concerns. Limits the amount of any such small business loan to $500,000, and limits to 20 the number of such loans a bank may include in the calculation of its credit in any taxable year. Terminates such credit two years after the enactment of this Act.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5277 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5277

 To amend the Internal Revenue Code of 1986 to allow a business credit 
                       for small business loans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 11, 2010

Mr. Wilson of Ohio introduced the following bill; which was referred to 
                    the Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
 To amend the Internal Revenue Code of 1986 to allow a business credit 
                       for small business loans.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Lending Incentive 
Program Act of 2010''.

SEC. 2. CREDIT FOR SMALL BUSINESS LOANS.

    (a) In General.--Subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 (relating to business related 
credits) is amended by adding at the end the following new section:

``SEC. 45S. SMALL BUSINESS LOANS.

    ``(a) General Rule.--For purposes of section 38, the small business 
loan credit for any taxable year is an amount equal to 1 percent of 
aggregate qualified loans made during the taxable year.
    ``(b) Limitation.--The number of qualified loans taken into account 
under subsection (a) for a taxable year may not exceed 20.
    ``(c) Definitions.--For purposes of this section--
            ``(1) Qualified loan.--The term `qualified loan' means a 
        loan made by an eligible bank to a small business concern, the 
        principal amount of which does not exceed $500,000.
            ``(2) Small business concern.--The term `small business 
        concern' has the same meaning as such term has under section 3 
        of the Small Business Act (15 U.S.C. 632).
            ``(3) Eligible bank.--The term `eligible bank' means a bank 
        the total assets of which at the close of the preceding taxable 
        year do not exceed $10,000,000,000.
            ``(4) Bank.--The term `bank' means--
                    ``(A) a bank (as defined in section 581),
                    ``(B) a bank holding company (as defined in section 
                2(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 
                1841(a))),
                    ``(C) a savings association (as defined in section 
                3(b) of the Federal Deposit Insurance Act (12 U.S.C. 
                1813)), and
                    ``(D) a savings and loan holding company (as 
                defined in section 10(a)(1)(D) of the Home Owners Loan 
                Act).
    ``(d) Termination.--This section shall not apply to loans made 
after the first 2 taxable years beginning on the date of the enactment 
of this section.''.
    (b) Credit Allowed as Part of General Business Credit.--Section 
38(b) of such Code (defining current year business credit) is amended 
by striking ``plus'' at the end of paragraph (34), by striking the 
period at the end of paragraph (35) and inserting ``, plus'', and by 
adding at the end the following new paragraph:
            ``(37) the small business loan credit determined under 
        section 45S.''.
    (c) Conforming Amendment.--The table of sections for subpart D of 
part IV of subchapter A of chapter 1 of such Code is amended by adding 
at the end the following new item:

``Sec. 45S. Small business loans.''.
    (d) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after the date of enactment of this 
Act.
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