AIMM Act

119 S559 IS: American Investment in Manufacturing and Main Street Act U.S. Senate 2025-02-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 559 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. 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.