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SB 189 (2023)

Modify business interest expense deduction

Summary:

Allows a business to fully deduct its business interest expense in the year it is incurred for tax years commencing on or after January 1, 2024.

The House amended the bill. According to the House Ways and Means Committee, their amended version of the bill "ensures that previously disallowed deductions that have been carried forward will be deducted in equal amounts over three years."

Bill Sponsor:
Timothy P. Lang Sr.
Republican party logo
Bill Became Law?:
Yes
Status:
SIGNED BY GOVERNOR
Status Detail:
Signed by Governor
Public Hearing Date:
04/26/2023 10:00 am
Public Hearing Location:
LOB Room 202-204
House Voting Date:
05/18/2023
Senate Voting Date:
06/01/2023
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