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MA H3155
Bill
Status
Introduced
2/27/2025
Primary Sponsor
Hannah Kane
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AI Summary
- Exempts Massachusetts taxpayers from the federal Section 163(j) limitation on business interest deductions, which currently caps deductible business interest at 30% of adjusted taxable income
- Applies the federal Internal Revenue Code as it existed before January 1, 2018 for business interest deduction purposes, effectively restoring full deductibility
- Prohibits carryforward deductions of previously disallowed business interest expense for tax years beginning on or after January 1, 2025
- Allows existing carryforward balances of disallowed business interest as of January 1, 2025 to be deducted in 3 equal annual installments over 3 consecutive years
- Takes effect for taxable years beginning on or after January 1, 2025
Legislative Description
Allowing for the deduction of business interest
Last Action
Reporting date extended to Wednesday, March 18, 2026
2/25/2026
Committee Referrals
Revenue2/27/2025
Full Bill Text
No bill text available