Modification and extension of limitation on excess business losses of noncorporate taxpayers
Title VII — Finance › Subtitle A — Tax › Chapter 6 — Enhancing deduction and income tax credit guardrails, and other reforms
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No wording changed between Senate changes and Final version sent to the President.
How the text changed
(a) Rule made permanent Section 461(l)(1) is amended by striking and before January 1, 2029, each place it appears. (b) Adjustment of amounts for calculation of excess business loss Section 461(l)(3)(C) is amended— (1) in the matter preceding clause (i), by striking December 31, 2018 and inserting December 31, 2025, and (2) in clause (ii), by striking 2017 and inserting 2024. (c) Effective dates (1) Rule made permanent The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 2026. (2) Adjustment of amounts for calculation of excess business loss The amendments made by subsection (b) shall apply to taxable years beginning after December 31, 2025.
(a) Rule made permanent Section 461(l)(1) is amended by striking and before January 1, 2029, each place it appears. (b) Adjustment of amounts for calculation of excess business loss Section 461(l)(3)(C) is amended— (1) in the matter preceding clause (i), by striking December 31, 2018 and inserting December 31, 2025, and (2) in clause (ii), by striking 2017 and inserting 2024. (c) Effective dates (1) Rule made permanent The amendments made by subsection (a) shall apply to taxable years beginning after December 31, 2026. (2) Adjustment of amounts for calculation of excess business loss The amendments made by subsection (b) shall apply to taxable years beginning after December 31, 2025.
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