OMB Completes its Review of Proposed Regulations under Section 163(j)
The Office of Management and Budget (OMB) has completed its review of proposed regulations under section 163(j). Section 163(j) generally limits a taxpayer’s interest deduction to the sum of its business interest income, floor plan financing interest, and 30% of its adjusted taxable income. The IRS had previously stated that the proposed section 163(j) regulations would likely be released with final section 163(j) regulations by the end of March. The OMB completed its review of the final section 163(j) regulations in February.
Read More: Interest Deduction Reg Packages Under Final Treasury Review