An Act allowing for the deduction of business interest

HD 1448 modifies Massachusetts tax law to align with federal business interest deduction rules. It prohibits deductions for disallowed business interest carryforwards starting in 2025, but allows existing carryforwards (as of 2024) to be deducted in three equal annual installments beginning in 2025. The bill directly affects businesses that previously carried forward disallowed business interest expenses under federal rules. The key change takes effect for tax years starting January 1, 2025, altering how Massachusetts handles these specific deductions.