OMB’s Office of Information and Regulatory Affairs (OIRA) received for review from the U.S. Treasury Department proposed regulations concerning the limitation on the deduction of business interest under section 163(j).
The 2017 tax law (Pub. L. No. 115-97)—the law that is also referred to as the “Tax Cuts and Jobs Act” (TCJA)—added new section 163(j) to the Code. Section 163(j) generally limits the amount of a taxpayer’s business interest deduction.
Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771. According to OIRA, the proposed regulations received for review on February 7, 2020, are identified as:
Separately, OIRA completed its review of final regulations concerning the business interest deduction limitation under section 163(j) on January 31, 2020. Read TaxNewsFlash
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