Multifamily Depreciation Parity Act of 2019

Multifamily Depreciation Parity Act of 2019

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).

[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2984 Introduced in Senate (IS)]

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116th CONGRESS
  1st Session
                                S. 2984

    To amend the Internal Revenue Code of 1986 to allow for certain 
  residential rental property to be depreciated over a 30-year period.


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                   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

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                                 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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Multifamily Depreciation Parity Act 
of 2019''.

SEC. 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.''.
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