Rental Housing Investment Act
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Summary
This bill amends the Internal Revenue Code to provide bonus depreciation deductions for owners of long-term residential rental properties. Owners of qualifying rental properties with at least 2 dwelling units can claim an immediate deduction of up to $150,000 per dwelling unit (or 100% of adjusted basis, whichever is less) in the year the property is placed in service. Properties that meet affordable housing requirements under existing tax law can claim an enhanced deduction of up to $250,000 per unit, with a longer 15-year holding period before recapture applies.
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