SkyHigh Ventures, a private equity firm, is analyzing the financials of TowerTech Inc., a telecommunications infrastructure provider, as a potential acquisition target. Given the high debt load typically seen in the infrastructure sector, the team at SkyHigh Ventures is particularly focused on the implications of the interest deductibility provisions of the 2017 Tax Cuts and Jobs Act (TCJA). According to the 2017 TCJA, what is the limitation set on the deductibility of business interest expense?

• Business interest expense is deductible up to 30% of adjusted taxable income, with any excess carried forward indefinitely.
• Business interest expense is fully deductible without any limitations.
• Business interest expense is deductible up to 50% of adjusted taxable income, with a carryforward period of 5 years.
• Business interest expense is deductible up to 20% of adjusted taxable income, with any excess carried forward for a period of 10 years.