Sec. 2206. Modification of limitation on business interest
144 words·~1 min read·
/bill/116/s/3548/is/section-2206·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 163(j) of the Internal Revenue Code of 1986 is amended by redesignating paragraph
(10)as paragraph
(11)and by inserting after paragraph
(9)the following new paragraph: In the case of any taxable year beginning in 2019 or 2020, paragraph (1)(B) shall be applied by substituting 50 percent for 30 percent . Subject to clause (ii), in the case of any taxable year beginning in 2020, the taxpayer may elect to apply this subsection by substituting the adjusted taxable income of the taxpayer for the last taxable year beginning in 2019 for the adjusted taxable income for such taxable year. No election may be made under clause
(i)with respect to any taxable year beginning in 2020 if such taxable year is a short taxable year. . The amendments made by this section shall apply to taxable years beginning after December 31, 2018.