H.R. 1347 — Introduced in House

I 119th CONGRESS 1st Session H. R. 1347 IN THE HOUSE OF REPRESENTATIVES February 13, 2025Mr. 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. 1. Short title This Act may be cited as the American Investment in Manufacturing and Main Street Act or the AIMM 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.