close
Share with your friends

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.

1000

Related content

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.

The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.

Connect with us

 

Want to do business with KPMG?

 

loading image Request for proposal