Rental Housing Investment Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The Rental Housing Investment Act provides a bonus depreciation incentive for long-term residential rental properties. Specifically, property owners who meet certain criteria, such as having at least two dwelling units and designating the property as such, can claim a depreciation deduction equal to $150,000 per unit, or 100% of the adjusted basis, whichever is greater. Additionally, the bill offers an extra $250,000 depreciation allowance for projects meeting specific affordable housing requirements. It also includes provisions regarding recapture of depreciation if the property is no longer used as rental housing and clarifies how this deduction is treated for minimum tax purposes.
Key provisions
- Provides bonus depreciation of $150,000 per unit for long-term residential rental properties with at least two dwelling units.
- Allows for an additional $250,000 depreciation allowance for properties meeting specific affordable housing project requirements.
- Specifies requirements for property eligibility, including use as residential rental property and commencement of original use by the taxpayer.
- Includes recapture provisions if the property ceases to be used as rental housing.
- Clarifies how the depreciation deduction is treated for minimum tax purposes.
- Establishes a 10-year depreciation period for eligible properties.
- Requires a taxpayer to make an election to participate in the bonus depreciation program.
- Modifies Section 1245 to include long-term residential rental property as eligible property.
Who is affected
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Primary sponsor
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