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Permanent Tax Relief for Businesses: Supporting Manufacturing and Investment.

This act permanently changes how businesses can deduct investment costs, potentially encouraging more spending on development and production. Companies will be able to deduct more expenses related to depreciation, which could lower their income tax. Citizens might indirectly benefit from new job creation and economic growth.
Key points
Businesses can permanently deduct costs related to depreciation of machinery and buildings, reducing their taxes.
The change aims to encourage companies to invest in development and manufacturing within the United States.
The provisions apply to tax years beginning after December 31, 2021.
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Expired
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Additional Information
Print number: 117_HR_5371
Sponsor: Rep. Morelle, Joseph D. [D-NY-25]
Process start date: 2021-09-24
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Permanently Preserving America’s Investment in Manufacturing Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_5371.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-09-24.

What are the main provisions?

Key points include:

  • Businesses can permanently deduct costs related to depreciation of machinery and buildings, reducing their taxes.
  • The change aims to encourage companies to invest in development and manufacturing within the United States.
  • The provisions apply to tax years beginning after December 31, 2021.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Morelle, Joseph D. [D-NY-25].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Ways and Means.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Taxes Economy Public Investments