Virginia Regulatory Town Hall
Department of Taxation
Guidance Document Information
Title Draft Guidelines Regarding the Business Interest Limitation
Document ID Corporate/Individual
Summary The Department of Taxation (“the Department”) is promulgating Guidelines for the Business Interest Limitation to provide guidance regarding how taxpayers are required to account for the Internal Revenue Code (“IRC”) § 163(j) federal limitation on the deductibility of business interest (“the business interest limitation”) for Virginia income tax purposes. These draft guidelines are superseded by the Department's final Guidelines Regarding the Business Interest Limitation (Document ID 6764).
Effective Date 12/26/2019
pdf View document text     Posted On 12/3/2020                 Document on Town Hall
Explanation or Citations Item 272(E) of the 2019 Appropriation Act (House Bill 1700, Chapter 854) requires the Tax Commissioner to develop and make available guidelines regarding the determination of the business interest limitation by December 1, 2019. Such guidelines are required to apply to taxable years beginning on or after January 1, 2018.

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