119-hr1347

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1347 Introduced in House

    (IH) ]

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119th CONGRESS
 1st Session
 H. R. 1347

 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.

_______________________________________________________________________

 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.
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