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AIM Act

12/15/2023, 4:07 PM

Summary of Bill S 1232

The AIM Act, also known as Bill 118 s 1232, is a piece of legislation currently being considered by the US Congress. The purpose of this bill is to address the issue of hydrofluorocarbons (HFCs), which are potent greenhouse gases that contribute to climate change.

The AIM Act aims to phase down the production and consumption of HFCs in the United States by establishing a regulatory framework that sets limits on the production and use of these harmful substances. The bill also includes provisions for the Environmental Protection Agency (EPA) to work with industry stakeholders to develop and implement strategies for reducing HFC emissions.

Supporters of the AIM Act argue that reducing HFC emissions is crucial for combating climate change and protecting the environment. They point to the success of previous regulations aimed at phasing out other ozone-depleting substances, such as chlorofluorocarbons (CFCs), as evidence that similar measures can be effective in reducing HFC emissions. Opponents of the AIM Act, on the other hand, raise concerns about the potential economic impact of phasing down HFCs. They argue that the costs of transitioning to alternative substances and technologies could be burdensome for businesses and consumers, and that the bill could lead to job losses in industries that rely on HFCs. Overall, the AIM Act represents an important step towards addressing the issue of HFC emissions and combating climate change. As the bill continues to be debated in Congress, it will be important for lawmakers to carefully consider both the environmental benefits and potential economic costs of phasing down HFCs in the United States.

Congressional Summary of S 1232

American Investment in Manufacturing Act or the AIM Act

This bill makes permanent the allowance for depreciation, amortization, or depletion for purposes of determining the income limitation on the tax deduction for business interest.

Current Status of Bill S 1232

Bill S 1232 is currently in the status of Bill Introduced since April 20, 2023. Bill S 1232 was introduced during Congress 118 and was introduced to the Senate on April 20, 2023.  Bill S 1232's most recent activity was Read twice and referred to the Committee on Finance. as of April 20, 2023

Bipartisan Support of Bill S 1232

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 1232

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 1232

AIM Act
AIM Act
American Investment in Manufacturing Act
A bill 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.

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