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119-s-559119th CongressWALLET

AIMM Act

Sponsored By: Senator Capito, Shelley Moore [R-WV]

Introduced

Summary

Permanently extends the allowance for depreciation, amortization, and depletion when calculating the business interest deduction. This bill would remove the sunset in Internal Revenue Code section 163(j)(8)(A)(v) so that the allowance applies to taxable years beginning after December 31, 2021. It makes no other changes to how the Section 163(j) business interest limit is computed and aims to give businesses long-term certainty about how depreciation and similar deductions affect their interest limits.

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Bill Overview

Analyzed Economic Effects

1 provisions identified: 1 benefits, 0 costs, 0 mixed.

Permanent business interest deduction rule

This bill would permanently allow depreciation, amortization, and depletion when computing the business interest limit. It would remove the rule that limited that allowance to tax years before January 1, 2022. If enacted, businesses and owners who compute the Section 163(j) interest limit could have lower taxable income than if the allowance expired. The change would apply to tax years beginning after December 31, 2021 (so 2022 and later).

Sponsors & CoSponsors

Sponsor

Capito, Shelley Moore [R-WV]

WV • R

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

No roll call votes available for this bill.

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