Rental Housing Investment Act

This bill would change federal tax law so owners of newly built rental housing with at least two units could choose to deduct a large share of the building's cost in the first year it is put into use. The first-year deduction would be the smaller of $150,000 per unit or the full cost of the building, not counting land. For projects that meet federal low-income housing tax credit income requirements, the per-unit amount would be $250,000. If the property stops being used as rental housing within 10 years, or stops meeting the affordability requirements within 15 years, the owner would have to pay back part of the tax benefit. The changes would apply to property placed in service starting 12 months after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Linda T. Sánchez Democrat sponsor
• 5 cosponsors