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!