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
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.
This Act may be cited as the
Permanently Preserving America’s Investment in Manufacturing Act.
Permanent extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest
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,.
The amendment made by this section shall apply to taxable years beginning after December 31, 2021.