Republicans Want Temporary Change to Loan Loss, Expense Deduction (1)

Senate Republicans reacting to the coronavirus pandemic want to temporarily undo parts of the 2017 tax law to enable businesses to deduct more of their losses and loan expenses through the end of the year and make long-sought technical corrections.

Breaks allowing businesses to write down net operating losses in their taxes and deduct interest from loan payments were limited in the 2017 tax law as part of an effort to offset the cost of cutting the overall corporate tax rate. But the stimulus legislation introduced by Senate Majority Leader Mitch McConnell (R-Ky.) on Thursday night would allow businesses to ...