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 provide a special depreciation allowance for long-term residential rental properties. This includes a deduction for the cost of placing such properties in service, with specific rules for recapture if the property ceases to be used as intended. The act defines long-term residential rental property as property with at least two dwelling units placed in service after the enactment of this act, used as residential rental property, and with the original use commencing with the taxpayer.
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