States will likely opt out of extending the full swath of federal pandemic relief to their businesses, as they face shuttered state houses and potentially limited benefits.
The federal tax code changes in the latest stimulus law (Public Law 116-136) are meant to help businesses suffering from economic upheaval during the pandemic. Included in the package was a temporary increase of the tax code Section 163(j) limit on deductions for business interest payments to 50% from 30% of adjusted taxable income.
States facing dire revenue constraints as a result of the economic fallout from the pandemic may ...
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