arrow_back Back to App

Permanent Tax Break for Businesses: Interest Deduction Limit Eased.

This law permanently changes how businesses calculate the limit on deducting interest paid on loans. By allowing companies to include depreciation and amortization in their income calculation, they can deduct a larger amount of business interest expense. This measure is designed to encourage manufacturing and capital-intensive businesses to invest more in equipment and expansion, potentially boosting job growth.
Key points
Businesses can permanently include depreciation, amortization, and depletion when calculating the limit on deductible business interest.
This change lowers the taxable income for companies that invest heavily in machinery, buildings, and other long-term assets.
The provisions apply retroactively to tax years beginning after December 31, 2021.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_2788
Sponsor: Rep. Smith, Adrian [R-NE-3]
Process start date: 2023-04-20
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

AIM Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2788.

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 2023-04-20.

What are the main provisions?

Key points include:

  • Businesses can permanently include depreciation, amortization, and depletion when calculating the limit on deductible business interest.
  • This change lowers the taxable income for companies that invest heavily in machinery, buildings, and other long-term assets.
  • The provisions apply retroactively 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. Smith, Adrian [R-NE-3].

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 2025-12-30.

CATEGORIES

Taxes Economy