AIMM Act

This bill, titled the "American Investment in Manufacturing and Main Street Act" or "AIMM Act," seeks to permanently modify a key aspect of the Internal Revenue Code of 1986. Its primary purpose is to extend the allowance for depreciation, amortization, or depletion when determining the income limitation on the deduction for business interest. Specifically, the legislation strikes the phrase "in the case of taxable years beginning before January 1, 2022," from section 163(j)(8)(A)(v) of the Code. This amendment effectively makes the inclusion of these allowances permanent, applying to all taxable years beginning after December 31, 2021 , thereby reversing a prior change that limited their consideration.