Rental Housing Investment Act

This bill would change federal tax law to let owners of newly built rental housing with at least two units take an extra depreciation deduction in the first year the property is placed in service. The deduction would equal the lesser of $150,000 per unit or the full cost basis 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 affordability requirements within 15 years for the higher amount, part of the tax benefit would be taken back. The changes would apply to property placed in service more than 12 months after the bill becomes law.

Full text and official record on Congress.gov

Sponsors

• Lisa Blunt Rochester Democrat sponsor
• 0 cosponsors