The AIMM Act (American Investment in Manufacturing and Main Street Act) modifies the tax code to permanently extend a depreciation allowance that helps businesses deduct interest expenses. Specifically, it allows companies to count depreciation, amortization, and depletion when calculating the limit on how much business interest they can deduct for tax purposes. The bill removes a temporary sunset provision that was set to expire, making this tax benefit permanent for tax years beginning after December 31, 2021. The legislation is sponsored by a bipartisan group of House members and aims to support manufacturing and small business investment by providing more favorable tax treatment for business interest deductions. The bill carries no specified new federal funding and would primarily affect businesses with significant depreciation or amortization expenses.
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