New tax law limits business interest expense deductions
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Description
Abstract: Under the Tax Cuts and Jobs Act (TCJA), starting in 2018, manufacturers with more than $25 million in average annual gross receipts will generally be able to deduct less interest expense than they could have deducted under prior law. This article provides details on this new limitation, which is expected to have an adverse effect on some companies in capital-intensive industries. A sidebar illustrates how to calculate interest expense deductions under the new law.
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