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Amends the Internal Revenue Code by adding a new sentence to section 163(j)(9)(C), which is part of the business interest expense limitation rules. The exact text of the new sentence is not provided in the summary; the change applies to taxable years beginning after December 31, 2024, so businesses and tax preparers will need to apply the new rule for 2025 tax years onward and await IRS guidance on implementation.
Read twice and referred to the Committee on Finance.
Introduced April 7, 2025 by Joni Ernst · Last progress April 7, 2025