Tax on certain credit card interest income imposed.

Summary

The bill adds a new tax on the portion of a financial institution’s credit‑card interest earnings that is above a ten‑percent annual percentage rate. The tax is levied at a full (100%) rate and is charged in addition to the existing corporate tax. It would apply to banks, savings banks, trust companies, industrial loan companies, regulated lenders and their subsidiaries, starting with taxable years beginning after Dec. 31, 2026.

AI-generated summary — may be incomplete or inaccurate. Verify against the official bill text.

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