We have received text from H.R. 9383: Small Business and Consumer Credit Act of 2026. This bill was received on 2026-06-22, and currently has 9 cosponsors.

Here is a short summary of the bill:

This bill would change how certain banks and similar financial institutions can use net operating losses for tax purposes. A net operating loss happens when a business’s deductible expenses are greater than its income in a given year. Under current tax rules, businesses can often use those losses to offset income in other years and reduce taxes owed.

What the bill changes

The bill would create special tax-loss rules for a category called specified financial institutions , which includes certain banks and bank-related members of affiliated groups.

• For losses in 2027: a qualifying financial institution could carry the loss forward for up to 20 future tax years.
• For losses in 2028: it could carry the loss back one year and carry it forward for up to 20 future tax years.
• For losses in 2029 and later: it could carry the loss back two years and carry it forward for up to 20 future tax years.

These new rules would apply only if the institution chooses to use them. Once a choice is made for a given tax year, it cannot be changed later. The election would have to be made by the tax return deadline for that year.

Who would be affected

The bill is aimed at certain financial institutions, especially banks that meet the definition in the tax code and some related companies in bank holding company structures. It would not change the rules for most other businesses.

When it would take effect

The new rules would apply to net operating losses from tax years beginning after December 31, 2026.

Relevant Companies

• JPM — JPMorgan Chase; as a large bank and financial institution, it could be affected by changes to how banking losses are carried back or forward for tax purposes.
• BAC — Bank of America; similar tax-loss treatment changes could affect its banking subsidiaries and tax planning.
• WFC — Wells Fargo; could be impacted if its bank entities qualify under the revised loss rules.
• C — Citigroup; may be affected through its banking operations and affiliated group tax filings.
• USB — U.S. Bancorp; as a bank holding company, it could be directly affected by the tax-loss carryback/carryforward rules.
• TFC — Truist Financial; may be impacted through its bank subsidiaries and related corporate tax structure.

Representative Mike Carey Bill Proposals

Here are some bills which have recently been proposed by Representative Mike Carey:

• H.R.9573: Housing Opportunities and Preservation Enhancement Act of 2026
• H.R.9424: Save Our Pedestrians Act of 2026
• H.R.9398: Historic Preservation and Land Conservation Certainty Act
• H.R.9383: Small Business and Consumer Credit Act of 2026
• H.R.9175: Tax Clarity for Mining and Staking Act
• H.R.9012: Affordable Housing Credit Carryback Act

You can track bills proposed by Representative Mike Carey on Quiver Quantitative's politician page for Carey.

Representative Mike Carey Net Worth

Quiver Quantitative estimates that Representative Mike Carey is worth $1.3M, as of July 10th, 2026. This is the 308th highest net worth in Congress, per our live estimates.

Carey has approximately $557.8K invested in publicly traded assets which Quiver is able to track live.

You can track Representative Mike Carey's net worth on Quiver Quantitative's politician page for Carey.

2026 Ohio's 15th Congressional District Election

There has been approximately $4,008,110 of spending in Ohio's 15th congressional district elections over the last two years, per our estimates.

The rating for this race is currently "Solid R".

You can track this election on our matchup page for the 2026 Ohio's 15th congressional district election.

This article is not financial advice. See Quiver Quantitative's disclaimers for more information.

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