Revenue Procedure 2022-38, section 3.31, increased the threshold for the gross receipts test to $29 million for 2023. However, the Instructions for Form 8990, Limitation on Business Interest Expense Under Section 163(j), will not be revised at this time to reflect this increase. Information regarding the increase in the gross receipts test threshold is available in the instructions for your income tax return for the current tax year. If you download the Instructions for Form 8990 revised December 2022, please be advised that the threshold for the gross receipts test has not been updated for the 2023 tax year on page 2. For tax years beginning in 2023, a taxpayer meets the gross receipts test if the taxpayer has average annual gross receipts of $29 million or less for the 3 prior tax years. In the next revision of these instructions, taxpayers will be referred to the instructions for their income tax return for information on the gross receipts test threshold for the current tax year.
