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Small Business and Consumer Credit Act of 2026
To amend the Internal Revenue Code of 1986 to provide special rules with respect to the net operating losses of certain financial institutions.
Summary
- Amends the Internal Revenue Code to establish special net operating loss treatment for certain financial institutions including independent banks and bank holding companies.
- For 2027, allows financial institutions to carry net operating losses forward to each of the next 20 years.
- For 2028, permits net operating losses to be carried back one year and carried forward to each of the next 20 years.
- For 2029 and later years, permits net operating losses to be carried back two years and carried forward to each of the next 20 years.
- Requires financial institutions to elect to apply these rules by the tax return due date, and elections are irrevocable once made.
- Effective for net operating losses arising in taxable years beginning after December 31, 2026.
AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.
Sponsor (1)
- Rep. Carey, Mike [R-OH-15] (R-OH)
11 cosponsors
- Rep. Beyer, Donald S. [D-VA-8] (D-VA)
- Rep. DelBene, Suzan K. [D-WA-1] (D-WA)
- Rep. Horsford, Steven [D-NV-4] (D-NV)
- Rep. Miller, Max L. [R-OH-7] (R-OH)
- Rep. Moore, Gwen [D-WI-4] (D-WI)
- Rep. Moran, Nathaniel [R-TX-1] (R-TX)
- Rep. Sewell, Terri A. [D-AL-7] (D-AL)
- Rep. Suozzi, Thomas R. [D-NY-3] (D-NY)
- Rep. Tenney, Claudia [R-NY-24] (R-NY)
- Rep. Van Duyne, Beth [R-TX-24] (R-TX)
- Rep. Yakym, Rudy [R-IN-2] (R-IN)
Actions (2)
- Jun 22, 2026 Referred to the House Committee on Ways and Means. · house
- Jun 22, 2026 Introduced in House
Similar bills (6)
Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.
Full text
IN THE HOUSE OF REPRESENTATIVES
June 22, 2026
Mr. Carey (for himself, Ms. Moore of Wisconsin, Ms. Tenney, Ms. Sewell, Mr. Moran, Ms. DelBene, Mr. Yakym, Mr. Beyer, Mr. Miller of Ohio, and Mr. Horsford) 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 provide special rules with respect to the net operating losses of certain financial institutions.
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 and Consumer Credit Act of 2026”.
SEC. 2. NET OPERATING LOSSES OF CERTAIN FINANCIAL INSTITUTIONS.
(a) In General.—Section 172(b)(1) of the Internal Revenue Code of 1986 is amended by redesignating subparagraph (D) as subparagraph (E) and inserting after subparagraph (C) the following new subparagraph:
“(D) Certain financial institutions.—
“(i) 2027.—In the case of any specified financial institution which elects the application of this clause for any taxable year beginning after December 31, 2026, and before January 1, 2028, the net operating loss for such taxable year shall be a net operating loss carryover to each of the 20 taxable years following the taxable year of the loss.
“(ii) 2028.—In the case of any specified financial institution which elects the application of this clause for any taxable year beginning after December 31, 2027, and before January 1, 2029, the net operating loss for such taxable year—
“(I) shall be a net operating loss carryback to the taxable year preceding the taxable year of the loss, and
“(II) shall be a net operating loss carryover to each of the 20 taxable years following the taxable year of the loss.
“(iii) 2029 and thereafter.—In the case of any specified financial institution which elects the application of this clause for any taxable years beginning after December 31, 2028, the net operating loss for such taxable year—
“(I) shall be a net operating loss carryback to each of the 2 taxable years preceding the taxable year of the loss, and
“(II) shall be a net operating loss carryover to each of the 20 taxable years following the taxable year of the loss.
“(iv) Specified financial institution.— For purposes of this subparagraph, the term ‘specified financial institution’ means—
“(I) any bank (as defined in section 581) that is not a member of an affiliated group (as defined in section 1504(a)(1)),
“(II) any member of an affiliated group (as so defined in section 1504(a)(1)) that includes one or more banks (as defined in section 581) that are not described in section 2(c)(2)(H) of the Bank Holding Company Act of 1956 (12 U.S.C. 1841(c)(2)(H)), and
“(III) any bank within the meaning of section 585(a)(2)(B).
“(v) Elections.—Any election under this subparagraph—
“(I) shall be made in such manner as the Secretary may prescribe,
“(II) shall be made not later than the due date of the taxpayer’s return of tax for the taxable year of the net operating loss to which such election relates, and
“(III) once made for any taxable year, shall be irrevocable for such taxable year.”.
(b) Conforming Amendments.—
(1) Section 172(b)(1)(A)(i) of such Code is amended by striking “and (D)” and inserting “(D)(ii)(I), (D)(iii)(I), and (E)”.
(2) Section 172(b)(1)(A)(ii) of such Code is amended by inserting “(D)(i), (D)(ii)(II), and (D)(iii)(II),” after
“(C)(ii),”.
(c) Effective Date.—The amendments made by this section shall apply to net operating losses arising in taxable years beginning after December 31, 2026. <all>
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