I
119THCONGRESS
1
STSESSION 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
FEBRUARY13, 2025
Mr. S
MITHof Nebraska (for himself, Mr. MORELLE, Mr. HERNof Oklahoma,
Mr. S
CHNEIDER, Mr. MILLERof Ohio, Mr. FEENSTRA, Mr. LAHOOD,
Mr. B
UCHANAN, Mr. SMUCKER, Mr. MORAN, Mr. KUSTOFF, Mr. CAREY,
Ms. S
TRICKLAND, Mr. YAKYM, Mr. PANETTA, Mr. QUIGLEY, and Ms.
T
ENNEY) introduced the following bill; which was referred to the Com-
mittee 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 limita-
tion on the deduction for business interest.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘American Investment 4
in Manufacturing and Main Street Act’’ or the ‘‘AIMM 5
Act’’. 6
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•HR 1347 IH
SEC. 2. PERMANENT EXTENSION OF ALLOWANCE FOR DE-1
PRECIATION, AMORTIZATION, OR DEPLETION 2
IN DETERMINING THE LIMITATION ON BUSI-3
NESS INTEREST. 4
(a) I
NGENERAL.—Section 163(j)(8)(A)(v) of the In-5
ternal Revenue Code of 1986 is amended by striking ‘‘in 6
the case of taxable years beginning before January 1, 7
2022,’’. 8
(b) E
FFECTIVEDATE.—The amendment made by 9
this section shall apply to taxable years beginning after 10
December 31, 2021. 11
Æ
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