Charlie Kirk Commemorative Coin Act

House Bill

H.R. 5580

119th Congress

Charlie Kirk Commemorative Coin Act

In Committee

Introduced:Sep 26, 2025

Primary Sponsor

Claudia Tenney

Representative

Republican

NY-24

Cosponsors

7

Quick Stats

Policy Area

Taxation

Summary

This bill would allow businesses to exclude income from certain debt forgiveness from their taxable income. This could help businesses that have struggled with commercial or retail loans during tough economic times.

Latest Action

Referred to the House Committee on Ways and Means.

AI Summary

Plain-English explanation of this bill

This bill would allow businesses to exclude income from certain debt forgiveness from their taxable income. This could help businesses that have struggled with commercial or retail loans during tough economic times.

Last updated: 12/29/2025

Official Summary

Congressional Research Service summary

Saving Our Mainstreet American Locations for Leisure and Shopping Act of 2023 This bill excludes from gross income, for income tax purposes, income attributable to certain discharges of commercial or retail indebtedness secured by real property.

Key Points

Main provisions of the bill

The bill excludes income from the forgiveness of certain commercial or retail loans secured by real estate from being counted as taxable income.
This could provide financial relief to businesses that have had loans forgiven, helping them stay afloat during difficult economic periods.
The bill is intended to support main street businesses and local shopping areas that have faced challenges.

How This Impacts Americans

Potential effects on citizens and communities

If passed, this bill would primarily benefit businesses that have had commercial or retail loans forgiven, especially those in the retail and service industries. This could help struggling local businesses and shopping districts keep their doors open and retain jobs in their communities.

Policy Areas

Primary Policy Area

Taxation

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

5580, 119th Congress (2025). "Charlie Kirk Commemorative Coin Act". Source: Voter's Right Platform. https://votersright.org/bills/118-hr-5580