The Secretary must issue rules to carry the subsection out
What the document says“The Secretary shall issue such regulations or guidance as may be necessary or appropriate to carry out the purposes of this subsection”
The section inserts a new paragraph (11) into section 163(j) of the Internal Revenue Code of 1986 requiring the Secretary to issue regulations or guidance to carry out the subsection, including on which business interest is taken into account under it and under section 59A(c)(3), and applies the amendments to taxable years beginning after December 31, 2025.
What the document actually says“The Secretary shall issue such regulations or guidance as may be necessary or appropriate to carry out the purposes of this subsection”
The Secretary must write rules for this part. They must cover what the part needs to work.
The rules must say which interest counts. The changes start with tax years after December 31, 2025. That date is fixed in the law.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.