Pair of Rules for Debt Interest Deduction Are Nearing Release

Long-awaited final rules for the 2017 tax law’s cap on business interest payment deductions are slated for release with a package of additional proposed rules, which could reference the final rules and are expected to touch on partnership issues, debt-financed distributions, and cancellation-of-debt income.

The new proposed rules arrived at the White House’s regulatory review office Feb. 7, according to an update of the office’s website. The site says the Office of Management and Budget sent the final rules back to the Treasury Department Jan. 31, after having reviewed them since mid-December. Officials have said on multiple occasions that the ...