Text: S.2984 — 116th Congress (2019-2020)All Information (Except Text)

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Introduced in Senate (12/05/2019)


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.


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.

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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