AIM Act

II 118TH CONGRESS 1ST SESSION S. 1232 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 20, 2023 Mrs. CAPITO (for herself and Ms. SINEMA) 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 ‘‘American Investment 4 in Manufacturing Act’’ or the ‘‘AIM Act’’. 5 VerDate Sep 11 2014 00:56 Apr 22, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S1232.IS S1232 kjohnson on DSK79L0C42PROD with BILLS 2 •S 1232 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 00:56 Apr 22, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S1232.IS S1232 kjohnson on DSK79L0C42PROD with BILLS