This is True, because technically they banned the app in a vote of congress but it is yet to be in full effect.
Obviously the source is credible and valid making this fact check a lot more shallow because I don't have to search too upstream for another source. Multiple other media outlets have covered this issue and I feel I found a quote that best explains the hinge of TikTok's existence.
Although House members who drafted the bill have previously said that it “does not ban TikTok,” the legislation in its current form requires ByteDance to divest TikTok within roughly six months in order for the app “to remain available in the United States.” If the bill is enacted, app store owners such as Apple and Google along with internet-hosting companies would be prohibited from supporting TikTok and other apps that are linked to ByteDance.
For further context ByteDance is the Chinese data source that runs TikTok which is why the threat has been deemed imminent to the U.S. by congress.
https://www.cnbc.com/2024/03/13/house-passes-bill-that-could-lead-to-a-tiktok-ban-fight-shifts-to-the-senate.html