Permanently Preserving America’s Investment in Manufacturing Act

Bill: 117-hr-5371
Sponsor: full_name: Rep. Morelle, Joseph D. [D-NY-25]
Introduced: 2021-09-24
Policy area: Taxation
Subjects: Business investment and capital

Income tax deductions

Interest, dividends, interest rates
Latest action: action_date: 2021-09-24
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2021-09-24
action_desc: Introduced in House
text: <p><b>Permanently Preserving America's Investment in Manufacturing Act</b></p> <p>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.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 5371 IN THE HOUSE OF REPRESENTATIVES September 24, 2021 Mr. Morelle (for himself and Mr. Smith of Nebraska ) introduced the following bill; which was referred to the Committee on Ways and Means 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.

1. Short title This Act may be cited as the Permanently Preserving America’s Investment in Manufacturing Act . 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.