Sec. 112027. Limitation on excess business losses of noncorporate taxpayers
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/bill/119/hr/1/rh/section-112027A 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) is amended— by inserting (except as provided in subparagraph (B)) after section 172 , by redesignating subparagraphs
(B)and
(C)as subparagraphs
(C)and (D), respectively, and by inserting after subparagraph
(A)the following new subparagraph: For purposes of subparagraph (A)(i), the aggregate deductions of the taxpayer shall be increased by so much of the net operating loss carried to the taxable year as is attributable to the treatment of a specified loss as a net operating loss under paragraph (2). For purposes of this subparagraph, the term specified loss means a loss which is disallowed under paragraph
(1)for a taxable year beginning after December 31, 2024. . The amendments made by this section shall apply to taxable years beginning after December 31, 2025.