The IRS issues proposed regulations on the business interest deduction limit. The Tax Cuts and Jobs Act generally limits the deduction to the sum of the taxpayer’s current-year business interest income, 30% percent of the taxpayer’s adjusted taxable income and certain floor plan financing interest expense. There are exceptions to the limit for small businesses whose gross receipts are $25 million or less and for certain trades or businesses. The proposed regs, among other things, provide rules for calculating the limit and carrying forward disallowed interest.