Bill > S559

This bill, known as the American Investment in Manufacturing and Main Street Act (AIMM Act), proposes a permanent extension of a tax provision related to how businesses calculate their allowable tax deductions for business interest expenses. Specifically, the bill amends Section 163(j)(8)(A)(v) of the Internal Revenue Code by removing language that previously limited the depreciation, amortization, or depletion allowance for determining business interest deductions to taxable years before January 1, 2022. By removing this time-based restriction, the bill effectively makes permanent a tax calculation method that allows businesses to more flexibly account for depreciation and other asset-related expenses when determining how much business interest they can deduct from their taxes. The amendment will apply to taxable years beginning after December 31, 2021, which means it will impact tax calculations for businesses starting in the 2022 tax year and beyond, potentially providing more consistent and favorable tax treatment for businesses across different years.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/559/all-info