Bill Details
HR.1347 - 119th Congress
Status
Latest action
2025-02-13 - Referred to the House Committee on Ways and Means.
Introduced Date
2025-02-13
Policy Area
Taxation
Committees
View committees (1)
Sponsors
Cosponsors
View cosponsors (20)
- Rep. Morelle, Joseph D. [D-New York-25]
- Rep. Hern, Kevin [R-Oklahoma-1]
- Rep. Schneider, Bradley Scott [D-Illinois-10]
- Rep. Miller, Max L. [R-Ohio-7]
- Rep. Feenstra, Randy [R-Iowa-4]
- Rep. LaHood, Darin [R-Illinois-16]
- Rep. Buchanan, Vern [R-Florida-16]
- Rep. Smucker, Lloyd [R-Pennsylvania-11]
- Rep. Moran, Nathaniel [R-Texas-1]
- Rep. Kustoff, David [R-Tennessee-8]
- Rep. Carey, Mike [R-Ohio-15]
- Rep. Strickland, Marilyn [D-Washington-10]
- Rep. Yakym, Rudy [R-Indiana-2]
- Rep. Panetta, Jimmy [D-California-19]
- Rep. Quigley, Mike [D-Illinois-5]
- Rep. Tenney, Claudia [R-New York-24]
- Rep. Meuser, Daniel [R-Pennsylvania-9]
- Rep. Bynum, Janelle S. [D-Oregon-5]
- Rep. Balderson, Troy [R-Ohio-12]
- Rep. Davids, Sharice [D-Kansas-3]
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AI Summary This summary was generated by AI from the bill text. AI can get information wrong.
This bill would change federal tax rules for businesses by making a tax benefit permanent. When companies figure out how much business interest they can deduct, they would still be allowed to count depreciation, amortization, and depletion costs in that calculation. In simple terms, this could let some businesses deduct more interest expense from their taxes, which may help with cash flow and investment. The bill is meant to support business growth, especially for manufacturers and smaller companies.
- It changes the part of the tax code that limits how much business interest a company can deduct.
- It permanently extends a rule that had been set to expire, instead of ending after 2021.
- The change would apply to tax years beginning after December 31, 2021.
Official Summaries
No summaries available
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1347 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
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
February 13, 2025
Mr. 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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``American Investment in Manufacturing
and Main Street Act'' or the ``AIMM Act''.
SEC. 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.
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