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S. 1077: Permanently Preserving America’s Investment in Manufacturing Act


The text of the bill below is as of Apr 12, 2021 (Introduced).


II

117th CONGRESS

1st Session

S. 1077

IN THE SENATE OF THE UNITED STATES

April 12, 2021

(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.

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.