[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2788 Introduced in House (IH)]

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118th CONGRESS
  1st Session
                                H. R. 2788

 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

                             April 20, 2023

  Mr. Smith of Nebraska (for himself, Mr. Morelle, Mr. Hern, and Mr. 
  Schneider) 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 
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.
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