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Part III – Administrative, Procedural, and›Notice 2020-75

SECTION 1. PURPOSE

Internal Revenue Bulletin 2020-49 · 2026-10-03 edition · updated 2026-10-04 · United States

This notice announces that the Department of the Treasury (Treasury Department) and the Internal Revenue Service (IRS) intend to issue proposed regulations to clarify that State and local income taxes imposed on and paid by a partnership or an S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment.

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▸Contents — Internal Revenue Bulletin 2020-49
Internal Revenue Bulletin 2020-49

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