Permanently Preserving America’s Investment in Manufacturing Act

II 117TH CONGRESS 1ST SESSION S. 1077 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 SENATE OF THE UNITED STATES APRIL 12, 2021 Mr. BLUNT (for himself, Mr. PORTMAN, Mr. LANKFORD, and Mr. INHOFE) introduced the following bill; which was read twice and referred to the Committee on Finance 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 limita- tion on the deduction for business interest. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Permanently Pre- 4 serving America’s Investment in Manufacturing Act’’. 5 VerDate Sep 11 2014 01:36 Apr 27, 2021 Jkt 019200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1077.IS S1077 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1077 IS SEC. 2. PERMANENT EXTENSION OF ALLOWANCE FOR DE- 1 PRECIATION, AMORTIZATION, OR DEPLETION 2 IN DETERMINING THE LIMITATION ON BUSI- 3 NESS INTEREST. 4 (a) IN GENERAL.—Section 163(j)(8)(A)(v) of the In- 5 ternal Revenue Code of 1986 is amended by striking ‘‘in 6 the case of taxable years beginning before January 1, 7 2022,’’. 8 (b) EFFECTIVE DATE.—The amendment made by 9 this section shall apply to taxable years beginning after 10 December 31, 2021. 11 Æ VerDate Sep 11 2014 01:36 Apr 27, 2021 Jkt 019200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S1077.IS S1077 kjohnson on DSK79L0C42PROD with BILLS