Modification and Extension of Limitation on Excess Business Losses of Noncorporate Taxpayers
Section 70601 · Sec. 70601 ·
What this chapter is about
This part takes the end date off a limit on business losses. It also moves two base years forward. The permanence starts with tax years after 2026. The base year change starts a year sooner.
“Section 461(l)(1) is amended by striking "and before January 1, 2029," each place it appears.”
The section strikes the words and before January 1, 2029 each place they appear in section 461(l)(1) of the Internal Revenue Code of 1986.
What the document actually says
“Section 461(l)(1) is amended by striking "and before January 1, 2029," each place it appears.”
That sentence, in plain words
Words setting an end date are taken out. That is done wherever they appear.
What this is about
So the limit carries on with no end year. What the limit does is not recorded here. The tax code is not indexed on this site.
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.
“in the matter preceding clause (i), by striking "December 31, 2018" and inserting "December 31, 2025", and”
The section strikes December 31, 2018 and inserts December 31, 2025 in the matter preceding clause (i) of section 461(l)(3)(C) of the Internal Revenue Code of 1986, and strikes 2017 and inserts 2024 in clause (ii). The permanence change applies to taxable years beginning after December 31, 2026 and this change to taxable years beginning after December 31, 2025.
What the document actually says
“in the matter preceding clause (i), by striking "December 31, 2018" and inserting "December 31, 2025", and”
That sentence, in plain words
One date is taken out of a tax rule. It was December 31, 2018. The new date is December 31, 2025.
What this is about
A second base year moves from 2017 to 2024. Both feed an inflation sum. That resets how the threshold grows.
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.
Each distinct thing the section does: strike the end date, move the two base years, and fix the two effective dates.
Nothing in the section is left out. It has three subsections and each is recorded.
The section works by amending section 461(l) of the Internal Revenue Code of 1986, which is not indexed here, so what the limit on excess business losses does cannot be checked against anything on this site.
