The Rental Housing Investment Act provides tax incentives to encourage investment in residential rental housing by allowing property owners to claim bonus depreciation deductions. Under the bill, owners of qualifying rental properties with at least two dwelling units can deduct up to $150,000 per unit in the year the property is placed in service, or up to $250,000 per unit if the property meets affordable housing requirements. Property owners must maintain the rental use for at least 10 years (or 15 years for affordable housing) or face tax recapture, meaning they must repay the tax benefits previously claimed. The tax incentive applies to properties placed in service 12 months after the bill's enactment and is designed to stimulate construction and investment in the rental housing market by reducing the upfront tax burden on developers and property owners.
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