Sec. 13904. Removal of harmful small business taxes; extension of limitation on deduction for State and local, etc., taxes
125 words·~1 min read·
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Subparagraph
(D)of section 59(k)(1), as added by section 10101, is amended to read as follows: Solely for purposes of determining whether a corporation is an applicable corporation under this paragraph, all adjusted financial statement income of persons treated as a single employer with such corporation under subsection
(a)or
(b)of section 52 shall be treated as adjusted financial statement income of such corporation, and adjusted financial statement income of such corporation shall be determined without regard to paragraphs (2)(D)(i) and
(11)of section 56A(c). . Section 164(b)(6) is amended— in the heading, by striking and inserting 2025 , and 2026 by striking 2026 and inserting 2027 . The amendments made by this subsection shall apply to taxable years beginning after December 31, 2022.