Rental Housing Investment Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Rental Housing Investment Act provides a bonus depreciation incentive for long-term residential rental properties. Specifically, it allows taxpayers to deduct an additional amount equal to $150,000 (or $250,000 for properties meeting certain affordable housing requirements) for depreciation, reducing the adjusted basis of the property. This provision applies to properties with at least two dwelling units, used for residential rental purposes, and placed in service after the bill’s enactment, with certain recapture rules and an election process.
Key provisions
- Allows bonus depreciation of $150,000 (or $250,000 for affordable housing projects) for long-term residential rental properties.
- Applies to properties with at least two dwelling units used for residential rental.
- Requires properties to be placed in service after the date of enactment.
- Includes recapture rules if the property ceases to be used as residential rental property.
- Allows a taxpayer to elect to apply the increased depreciation amount.
- Specifies a 12-month effective date for the changes.
- Treats qualifying properties as section 1245 property.
- Provides for regulations regarding the implementation of the bonus depreciation.
Who is affected
- Real estate investors
- Property owners
- Rental property owners
- Taxpayers
- Developers of affordable housing
Notable changes
Bill text
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Sponsors
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6 on record
Primary sponsor
Cosponsors
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