S. 1232 — Introduced in Senate

II 118th CONGRESS 1st Session S. 1232 IN THE SENATE OF THE UNITED STATES April 20, 2023Mrs. Capito (for herself and Ms. Sinema) 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. 1. Short title This Act may be cited as the American Investment in Manufacturing Act or the AIM Act. 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.