Provides bonus depreciation for long-term residential rental housing under the Internal Revenue Code.
The Rental Housing Investment Act amends the Internal Revenue Code to offer a special depreciation allowance for long-term residential rental properties. This applies to properties with at least two dwelling units placed in service after the enactment of this Act. The Act allows for an additional depreciation deduction, with specific rules for recapture if the property ceases to be used as intended. The amendments apply to properties placed in service after 12 months from the date of enactment.
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