REINSTATEMENT OF LIMITATION RULES FOR DEDUCTION FOR STATE AND LOCAL, ETC., TAXES; EXTENSION OF LIMITATION ON EXCESS BUSINESS LOSSES OF NONCORPORATE TAXPAYERS.

SEC. 13903. REINSTATEMENT OF LIMITATION RULES FOR DEDUCTION FOR STATE AND LOCAL, ETC., TAXES; EXTENSION OF LIMITATION ON EXCESS BUSINESS LOSSES OF NONCORPORATE TAXPAYERS.(a) Reinstatement of Limitation Rules for Deduction for State and Local, etc., Taxes.—(1) In general.—Section 164(b)(6), as amended by section 13904, is further amended—(A) in the heading, by striking “2026” and inserting “2025”, and (B) by striking “2027” and inserting “2026”. (2) Effective date.—The amendments made by this subsection shall apply to taxable years beginning after December 31, 2022. (b) Extension of Limitation on Excess Business Losses of Noncorporate Taxpayers.—(1) In general.—Section 461(l)(1) is amended by striking “January 1, 2027” each place it appears and inserting “January 1, 2029”. (2) Effective date.—The amendments made by this subsection shall apply to taxable years beginning after December 31, 2026.