Bill > HR1347

This bill, known as the American Investment in Manufacturing and Main Street Act (AIMM Act), proposes a permanent modification to the Internal Revenue Code regarding how businesses calculate their tax deductions for business interest. Specifically, the bill removes a previous time limitation on how businesses can account for depreciation, amortization, or depletion when determining the income limitation on business interest deductions. In practical terms, this means that businesses will now have a permanent, consistent method for calculating their potential tax deductions, rather than being subject to a previous rule that was set to expire on January 1, 2022. The amendment will apply to all taxable years beginning after December 31, 2021, which effectively makes the tax treatment more predictable and potentially more favorable for businesses by allowing them to more fully incorporate their depreciation and other asset-related expenses when determining their business interest deduction limits.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/1347/all-info