On Aug. 16, 2022, President Joe Biden signed P.L. 117-169 into law, which is commonly known as the “Inflation Reduction Act.”  The act made significant changes to the tax law, including by expanding various clean energy-related tax incentives and introducing a stock buyback tax and a new corporate minimum tax.

In addition, the act extended the limitation on the deduction of certain business losses under Section 461(l) of the Internal Revenue Code to Jan. 1, 2029 from its prior expiration date of January 1, 2027.  Although this particular provision was much less publicized than the other aspects of the Inflation Reduction Act, it could have a significant effect on businesses that have tax losses, including many rental real estate businesses.

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