Ezra Dyckman and Charles S. Nelson Congress Extends Limitation on Deduction of Business Losses
On Aug. 16, President Joe Biden into law the "Inflation Reduction Act," which, among other things, extended the limitation on the deduction of certain business losses from Jan. 1, 2027 to Jan. 1, 2029. The authors believe that this extension provision, although not highly publicized, could have a significant effect on businesses that have tax losses, including rental real estate businesses.
October 25, 2022 at 10:00 AM
4 minute read
Tax
On Aug. 16, 2022, President Joe Biden signed P.L. 117-169 into law, which is commonly known as the "Inflation Reduction Act." The act made significant changes to the tax law, including by expanding various clean energy-related tax incentives and introducing a stock buyback tax and a new corporate minimum tax.
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