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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.
Summary
This act amends the Internal Revenue Code to permanently extend the allowance for depreciation, amortization, or depletion when determining the income limitation on the deduction for business interest. The provision, which was previously set to expire on January 1, 2022, is made permanent by removing the sunset date. The change applies to taxable years beginning after December 31, 2021, allowing businesses to continue including these deductions when calculating the limitation on business interest expense deductions.
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)
Actions (2)
- Feb 13, 2025 Read twice and referred to the Committee on Finance. · senate
- Feb 13, 2025 Introduced in Senate
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.
Full text
IN THE SENATE OF THE UNITED STATES
February 13, 2025
Mrs. Capito introduced the following bill; which was read twice and referred to the Committee on Finance
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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