Disaster Loan Equity for Territories Act of 2024

Bill: 118-hr-10243
Sponsor: full_name: Rep. Velázquez, Nydia M. [D-NY-7]
Introduced: 2024-11-21
Policy area: Commerce
Latest action: action_date: 2024-11-21
text: Referred to the House Committee on Small Business.

Summaries:

tv_txt: I 118th CONGRESS 2d Session H. R. 10243 IN THE HOUSE OF REPRESENTATIVES November 21, 2024 Ms. Velázquez introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to establish requirements relating to the submission of tax returns or tax return transcripts for a disaster loan, and for other purposes.

1. Short title This Act may be cited as the Disaster Loan Equity for Territories Act of 2024 . 2. Disaster loan tax requirements Section 7(b) of the Small Business Act ( 15 U.S.C. 636(b) ) is amended— (1) by redesignating the second paragraph (16) (relating to statute of limitations) as paragraph (17); and (2) by inserting after paragraph (17), as so redesignated, the following new paragraph: (18) Tax return requirement (A) In general The Administrator shall require an applicant for a loan under this subsection to submit a tax return or tax return transcript before approval of such loan. (B) Exception Notwithstanding subparagraph (A), the Administrator shall provide conditional loan approval to an applicant who is a resident of a territory and does not pay Federal income taxes if loan proceeds will not be disbursed to the applicant until the applicant submits a tax return or tax return transcript from the relevant tax agency of the territory in which the applicant resides. (C) Facilitation The Administrator shall facilitate the request of an applicant to the Internal Revenue Service or the relevant tax agency for the tax return or tax return transcript of the applicant that is made for the purposes of this paragraph. (D) Territory defined In this paragraph, the term territory means American Samoa, Guam, the Commonwealth of Puerto Rico, the Northern Mariana Islands, or the United States Virgin Islands. .