Bills · HR 1347
IN COMMITTEE· 119TH CONGRESS
House BillHR 1347Taxation
AIMM Act
INTRO FEB 13· LAST ACTION FEB 13
READING
1MIN
COSPONSORS
21BIPARTISAN
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it directly impacts the tax burden on many American businesses, especially those that rely on borrowing to finance operations and investments in physical assets. If this bill becomes law, businesses would see a reduction in their taxable income because they can deduct more of the interest they pay on loans. This could free up capital for companies to reinvest in their businesses, purchase new equipment, expand facilities, or hire more staff.
If the bill does not become law, the current rules remain, meaning businesses will continue to face stricter limits on their interest deductions, potentially increasing their tax liability. Voters should care because the tax policies affecting businesses can influence economic growth, job creation, and the competitiveness of American industries on a broader scale, potentially affecting local economies and consumer prices.
KEY PROVISIONS
3AI-extractedPROVISION 01
Permanently extends the ability for businesses to include depreciation, amortization, or depletion expenses when calculating their "adjusted taxable income" for the purpose of the business interest deduction limit.
This allows businesses to deduct more of their interest expenses, potentially lowering their tax liability.
PROVISION 02
Amends Section 163(j)(8)(A)(v) of the Internal Revenue Code of 1986 by removing the expiration date for including these expenses.
This specifically undoes a change made effective in 2022 that had restricted these deductions.
PROVISION 03
Applies the change retroactively to taxable years beginning after December 31, 2021.
Businesses will be able to apply the more generous deduction rules to past tax years that have already been filed under the stricter rules, potentially requiring amended returns.
SPONSORSHIP
1 + 21
R· Nebraska
YRS IN OFFICE
19
BILLS LED
26
COSPONSOR BREAKDOWNBIPARTISAN · 66%
DEM 7 REP 14 IND 0
ACTION TIMELINE
2 EVENTSFEB 13
Introduced in House
FEB 13
Referred to the House Committee on Ways and Means.
BILL INFO
TypeHouse Bill
NumberHR 1347
Congress119th
StatusIn Committee
IntroducedFeb 13, 2025
Last actionFeb 13, 2025
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED FEB 13, 2025
House BillHR 1347Taxation
AIMM Act
INTRODUCED FEB 13, 2025· LAST ACTION FEB 13, 2025
PASSAGE CHANCES
—%
READING
1 min
COSPONSORS
21
COMPLEXITY
Moderate
