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HR 1347
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AIMM Act

To amend the Internal Revenue Code of 1986 to permanently extend the allowance for depreciation, amortization, or depletion for purposes of determining the income limitation on the deduction for business interest.

Introduced Feb 13, 2025

Latest action (Feb 13, 2025) Referred to the House Committee on Ways and Means.

Referred to
Ways and Means Committee
Policy area
Taxation

Summary

This bill amends the Internal Revenue Code to permanently extend a tax provision that allows businesses to deduct depreciation, amortization, and depletion when calculating their income limitation on business interest deductions. The provision was previously scheduled to expire after December 31, 2021, but this bill removes that expiration date and makes the provision permanent. The bill applies to taxable years beginning after December 31, 2021 and all subsequent taxable years. This provision affects how businesses determine their allowable business interest deductions under federal tax law. The amendment converts the depreciation and amortization adjustment from a temporary, time-limited provision to a permanent feature of the Internal Revenue Code.

AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.

Sponsor (1)
21 cosponsors

Actions (2)
  1. Feb 13, 2025 Referred to the House Committee on Ways and Means. · house
  2. Feb 13, 2025 Introduced in House

Similar bills (6)

Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.

  • S 559 — AIMM Act · Introduced Feb 13, 2025 · Cong. 119 88%
  • HR 1436 — ENABLE Act · Introduced Feb 18, 2025 · Cong. 119 65%
  • HR 354 — Small Business Growth Act · Introduced Jan 13, 2025 · Cong. 119 65%
  • HR 2014 — Reduction of Excess Business Holding Accrual Act · Introduced Mar 10, 2025 · Cong. 119 64%
  • HR 2908 — Middle Class Savings Act · Introduced Apr 14, 2025 · Cong. 119 64%
  • HR 574 — ALIGN Act · Introduced Jan 21, 2025 · Cong. 119 64%

Text versions (1)
  • Introduced in House · Feb 13, 2025

Only one text version is on file, so there’s no earlier version to compare against yet.

Full text

IN THE HOUSE OF REPRESENTATIVES

February 13, 2025

Mr. Smith of Nebraska (for himself, Mr. Morelle, Mr. Hern of Oklahoma, Mr. Schneider, Mr. Miller of Ohio, Mr. Feenstra, Mr. LaHood, Mr. Buchanan, Mr. Smucker, Mr. Moran, Mr. Kustoff, Mr. Carey, Ms. Strickland, Mr. Yakym, Mr. Panetta, Mr. Quigley, and Ms. Tenney) introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to permanently extend the allowance for depreciation, amortization, or depletion for purposes of determining the income limitation on the deduction for business interest.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “American Investment in Manufacturing and Main Street Act” or the “AIMM Act”.

SEC. 2. PERMANENT EXTENSION OF ALLOWANCE FOR DEPRECIATION, AMORTIZATION, OR DEPLETION IN DETERMINING THE LIMITATION ON BUSINESS INTEREST.

(a) In General.—Section 163(j)(8)(A)(v) of the Internal Revenue Code of 1986 is amended by striking “in the case of taxable years beginning before January 1, 2022,”.

(b) Effective Date.—The amendment made by this section shall apply to taxable years beginning after December 31, 2021. <all>

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