Regulations on business interest limitation under section 163(j); OIRA review completed
Business interest limitation under section 163(j)
OMB’s Office of Information and Regulatory Affairs (OIRA) updated its website to reveal that its review of Treasury regulations concerning the business interest limitation under section 163(j) was completed on January 31, 2020.
The 2017 tax law (Pub. L. No. 115-97, the law that is often 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.
The final regulations are identified as: RIN: 1545-BO73: Rules regarding business interest limitation under section 163(j) [TCJA]
OIRA further describes these regulations as follows:
Finalizing regulations regarding the business interest limitation under section 163(j)
Treasury regulations that are identified as “major” regulations are subject to review by OMB’s OIRA before being issued, pursuant to Executive Order 13771. Now that OIRA review has been completed, Treasury and the IRS can be expected to release these final regulations for publication in the Federal Register—the exact date of publication not being known.
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