IRS Will Clarify Manufacturing Issue in Interest Write-Off Rules

A key issue for manufacturers and oil refiners in proposed IRS rules for the 2017 tax law’s debt interest write-off limit will be “clarified” in the final version of the rules, an official said.

“We are considering the comments,” IRS attorney Jaime Park said Thursday at a tax conference in Washington. “It definitely will be clarified in the final regs,” Park said, adding that the agency has been receiving numerous comments.

• The law capped companies’ interest deductions at an amount equal to 30% of earnings with certain expenses and deductions added back into the income equation.
• Proposed rules ( ...