Bloomberg Tax
Feb. 27, 2019, 8:21 PM UTCUpdated: Feb. 28, 2019, 5:05 PM UTC

Industry Groups Press IRS for Interest Write-Off Rule Changes (2)

Lydia O'Neal
Lydia O'Neal
Reporter

Manufacturing, energy, and health care industry representatives used an IRS hearing to continue their push to soften the 2017 tax overhaul’s limit on businesses’ write-offs of debt interest payments.

The law placed a cap on the amount of debt interest payments companies can use to shrink their tax bills under amended tax code Section 163(j), effectively making debt more expensive for highly leveraged companies and aligning the U.S. with much of the developed world. The new limit is roughly equal to 30 percent of earnings before interest, taxes, depreciation, and amortization are taken out of the income equation, and ...

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