H.R. 1347

119th CONGRESS 1st Session

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.

IN THE HOUSE OF REPRESENTATIVES · February 13, 2025 · Sponsor: Mr. Smith of Nebraska · Committee: Committee on Ways and Means

Table of contents

• H.R. 1347
  • SEC. 1. Short title
  • SEC. 2. Permanent extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest

SEC. 1. Short title

• This Act may be cited as the or the .

SEC. 2. Permanent extension of allowance for depreciation, amortization, or depletion in determining the limitation on business interest

• (a) In general
  • of the Internal Revenue Code of 1986 is amended by striking . Section 163(j)(8)(A)(v)
• (b) Effective date
  • The amendment made by this section shall apply to taxable years beginning after December 31, 2021.