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American Investment in Manufacturing Act

S. 1232 · 118th Congress · Apr 20, 2023 · Lineage

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.

Section 1 Short title

This Act may be cited as the “American Investment in Manufacturing Act” or the “AIM 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.