Introduced:
Feb 13, 2025
Policy Area:
Taxation
Congress.gov:
Bill Statistics
2
Actions
0
Cosponsors
0
Summaries
1
Subjects
1
Text Versions
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Latest Action
Feb 13, 2025
Read twice and referred to the Committee on Finance.
Actions (2)
Read twice and referred to the Committee on Finance.
Type: IntroReferral
| Source: Senate
Feb 13, 2025
Introduced in Senate
Type: IntroReferral
| Source: Library of Congress
| Code: 10000
Feb 13, 2025
Subjects (1)
Taxation
(Policy Area)
Full Bill Text
Length: 1,671 characters
Version: Introduced in Senate
Version Date: Feb 13, 2025
Last Updated: Nov 15, 2025 2:12 AM
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 559 Introduced in Senate
(IS) ]
<DOC>
119th CONGRESS
1st Session
S. 559
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 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,
[From the U.S. Government Publishing Office]
[S. 559 Introduced in Senate
(IS) ]
<DOC>
119th CONGRESS
1st Session
S. 559
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 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.
This Act may be cited as the ``American Investment in Manufacturing
and Main Street Act'' or the ``AIMM Act''.
SEC. 2.
AMORTIZATION, OR DEPLETION IN DETERMINING THE LIMITATION
ON BUSINESS INTEREST.
(a) In General.--
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,''.
(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>