Provides bonus depreciation for long-term residential rental housing.

The Rental Housing Investment Act amends the Internal Revenue Code to provide bonus depreciation for long-term residential rental housing. This includes a special depreciation allowance for qualifying properties, treating them as Section 1245 property. The act also adjusts the basis of the taxpayer's property and allows for a deduction in computing minimum tax. The changes apply to property placed in service after 12 months from the enactment date.

Provides bonus depreciation for long-term residential rental housing.

The Rental Housing Investment Act amends the Internal Revenue Code to provide bonus depreciation for long-term residential rental housing. This includes a special depreciation allowance for qualifying properties, treating them as Section 1245 property. The act also adjusts the basis of the taxpayer's property and allows for a deduction in computing minimum tax. The changes apply to property placed in service after 12 months from the enactment date.