Permanently Preserving America’s Investment in Manufacturing Act

Permanently Preserving America's Investment in Manufacturing Act

This bill makes permanent the allowance for depreciation, amortization, or depletion for purposes of determining the income limitation on the tax deduction for business interest.

[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 1077 Introduced in Senate (IS)]

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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.


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                   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 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 ``Permanently Preserving America's 
Investment in Manufacturing 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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