H.R. 1347: AIMM Act

H.R. 1347 is a federal bill in the 119th Congress. Before this bill, tax rules allowed businesses to include deductions for the wear and tear of equipment when calculating their limits on deducting loan interest, but that rule was temporary and had expired for tax years starting after 2021. Without this… See its sponsors, how members voted, and a plain-English breakdown on PolityLens.