Bill · H.R. 9383· House(119-HR-9383)

Small Business and Consumer Credit Act of 2026

Age: 55 years

Ohio

Introduced: 6/22/2026
Last activity: 6/22/2026 — Referred to the House Committee on Ways and Means.
Sponsored by: Mike Carey
Cosponsors: - 5 - 6

Taxation

Introduced
In Committee

What this bill would do

This bill is known as the Small Business and Consumer Credit Act of 2026. It amends the Internal Revenue Code of 1986 to provide special rules regarding the net operating losses of certain financial institutions. Specifically, it outlines how specified financial institutions can handle net operating losses for taxable years beginning after December 31, 2026. The bill allows these institutions to carry losses backward to preceding taxable years or carry them over to the following 20 taxable years, depending on the specific year. It also defines what constitutes a specified financial institution and details how these tax elections must be made.

Yes· 3 of 4

Does this make it easier to run a small business?+4
The bill is titled the Small Business and Consumer Credit Act and aids financial institutions that provide credit.
Does this cut taxes for small businesses?+3
The bill provides tax relief options for certain financial institutions by allowing loss carrybacks and carryovers.
Would business owners be better off under this?+3
The bill benefits financial institution owners and operators through net operating loss provisions.