Read twice and referred to the Committee on Finance.
Why This Matters
This bill makes a tax rule permanent that allows businesses to deduct certain costs when calculating their interest deductions. This change can help businesses save money on their taxes.
If you own a business, you could benefit from lower taxes due to this permanent deduction rule.
Who this affects
Small businesses · Large businesses
What changes is this bill making?
1This bill makes a tax rule permanent for businesses regarding interest deductions.
2It allows businesses to include depreciation, amortization, or depletion in their calculations.
3The change applies to tax years starting after December 31, 2021.
4This rule was previously temporary but will now be a permanent part of the tax code.
5It helps businesses by potentially lowering their taxable income.
