Allows Massachusetts taxpayers to deduct business interest expenses under federal law.

This bill modifies Massachusetts tax law to allow for the deduction of business interest expenses under federal law. It specifies that the Internal Revenue Code, as amended and in effect for the taxable year, governs the deduction, with exceptions for certain sections. The changes take effect for taxable years beginning on or after January 1, 2025.

Allows Massachusetts taxpayers to deduct business interest expenses under federal law.

This bill modifies Massachusetts tax law to allow for the deduction of business interest expenses under federal law. It specifies that the Internal Revenue Code, as amended and in effect for the taxable year, governs the deduction, with exceptions for certain sections. The changes take effect for taxable years beginning on or after January 1, 2025.