Multifamily Depreciation Parity Act of 2019

Bill: 116-s-2984
Sponsor: full_name: Sen. Thune, John [R-SD]
Introduced: 2019-12-05
Policy area: Taxation
Subjects: Business investment and capital

Housing industry and standards

Income tax deductions
Latest action: action_date: 2019-12-05
text: Read twice and referred to the Committee on Finance.

Summaries:
action_date: 2019-12-05
action_desc: Introduced in Senate
text: <p><b>Multifamily Depreciation Parity Act of 2019</b></p> <p>This bill allows the depreciation of certain residential rental property placed in service prior to January 1, 2018, over a 30-year period (currently, such property is subject to a 40-year depreciation period). </p>

tv_txt: II 116th CONGRESS 1st Session S. 2984 IN THE SENATE OF THE UNITED STATES December 5, 2019 Mr. Thune (for himself and Mr. Isakson ) introduced the following bill; which was read twice and referred to the Committee on Finance A BILL To amend the Internal Revenue Code of 1986 to allow for certain residential rental property to be depreciated over a 30-year period.

1. Short title This Act may be cited as the Multifamily Depreciation Parity Act of 2019 . 2. Depreciation of certain residential rental property over 30-year period Section 13204(b) of Public Law 115–97 is amended— (1) in paragraph (1), by striking paragraph (2) and inserting paragraphs (2) and (3) ; and (2) by adding at the end the following: (3) Certain residential rental property In the case of any residential rental property— (A) which was placed in service before January 1, 2018, (B) which is held by an electing real property trade or business (as defined in section 163(j)(7)(B) of the Internal Revenue Code of 1986), and (C) for which subparagraph (A), (B), (C), (D), (E), or (G) of section 168(g)(1) of the Internal Revenue Code of 1986 did not apply prior to such date, the amendments made by subsection (a)(3)(C) shall apply to taxable years beginning after December 31, 2017. .