Sec. 70601. Modification and extension of limitation on excess business losses of noncorporate taxpayers
79 words·~1 min read·
/bill/119/hr/1/enr/section-70601·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 461(l)(1) is amended by striking and before January 1, 2029, each place it appears. Section 461(l)(3)(C) is amended— in the matter preceding clause (i), by striking December 31, 2018 and inserting December 31, 2025 , and in clause (ii), by striking 2017 and inserting 2024 . The amendments made by subsection
(a)shall apply to taxable years beginning after December 31, 2026. The amendments made by subsection
(b)shall apply to taxable years beginning after December 31, 2025.