S. 559 — AIMM Act

This section permanently extends the allowance for depreciation, amortization, or depletion in computing adjusted taxable income under the business interest deduction limitation of IRC §163(j) (i.e., limiting deductions to 30% of adjusted taxable income plus business interest income and floor plan financing interest), for taxable years beginning after December 31, 2021 (previously applicable only to taxable years beginning before January 1, 2022). (Thus, the limitation continues to be computed using an EBITDA measure rather than switching to an EBIT measure.)