Search Results for keywords:"business interest deduction"

Search Results: keywords:"business interest deduction"

S. 559 — 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.
February 13, 2025
Status:Introduced in Senate
Congress:119
Words:250
S. 559 aims to change the Internal Revenue Code of 1986 so that businesses can forever use depreciation, amortization, or depletion amounts when determining the limit on tax deductions for business interest. Previously, this allowance was only available for tax years before...
Simple Explanation
S. 559 wants to change a tax rule so that companies can always use certain costs, like the wear and tear of machines, to help lower their taxes on business interest forever. This is like letting companies always count how their toys get old when figuring out how much candy they owe to the candy bank!
H. R. 1347 — 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.
February 13, 2025
Status:Introduced in House
Congress:119
Words:323
H.R. 1347, also known as the American Investment in Manufacturing and Main Street Act (AIMM Act), is a bill introduced to modify the Internal Revenue Code of 1986. The bill aims to make permanent the allowance for depreciation, amortization, or depletion when...
Simple Explanation
H.R. 1347 is a plan that helps businesses by letting them keep using a special money-saving trick called depreciation forever. This means they can keep more money when they pay their taxes, starting from 2022.

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