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TREAS/IRS RIN: 1545-BP26 Publication ID: Fall 2019 
Title: ●Deductions Under Sections 162 and 164 
Abstract:

Section 164(b)(6), as added by the 2017 Tax Cuts and Jobs Act, provides that deductions for foreign real property taxes are not allowable under section 164(a)(1) and limits an individual’s deduction to $10,000 ($5,000 in the case of a married individual filing a separate return) for the aggregate amount of the following state and local taxes paid during the calendar year: (1) real property taxes; (2) personal property taxes; (3) income, war profits, and excess profits taxes; and (4) general sales taxes. This limitation applies to taxable years beginning after December 31, 2017, and before January 1, 2026, and does not apply to foreign taxes described in section 164(a)(3) or to any taxes described in section 164(a)(1) and (2) that are paid or incurred in carrying on a trade or business or an activity described in section 212.

 
Agency: Department of the Treasury(TREAS)  Priority: Substantive, Nonsignificant 
RIN Status: First time published in the Unified Agenda Agenda Stage of Rulemaking: Proposed Rule Stage 
Major: No  Unfunded Mandates: No 
EO 13771 Designation: Other 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 26 U.S.C. 7805(a)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  12/00/2019 
Additional Information: REG-106511-19 (NPRM) Drafting Attorney: Douglas H. Kim (202) 317-4794 Reviewing Attorney: Peter E. Ford (202) 317-4878 Treasury Attorney: Colin Campbell (202) 622-2721 CC:ITA
Regulatory Flexibility Analysis Required: No  Government Levels Affected: None 
Federalism: No 
Included in the Regulatory Plan: No 
International Impacts: This regulatory action will be likely to have international trade and investment effects, or otherwise be of international interest.
RIN Data Printed in the FR: No 
Agency Contact:
Douglas Kim
Attorney-Advisor
Department of the Treasury
Internal Revenue Service
1111 Constitution Avenue NW.,
Washington, DC 20224
Phone:202 317-4794
Fax:855 576-2335
Email: douglas.h.kim@irscounsel.treas.gov