,,ii #aaith ,,congress #b;d ,session ,s4 #djhj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #ab1 #bjbf,ms4 ,blunt ,rochester introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to provide bonus depreciation for long-term residential rental housing4 #a4 ,short title ,this ,act may be cited as the ,rental ,housing ,investment ,act4 #b4 ,tax incentives for long-term residential rental housing 7a7 ,special depreciation allowance 7#a7 ,in general ,section #afh of the ,internal ,revenue ,code of #aihf1 as amended by section #gjcjg of ,public ,law #aai-ba1 is amended by adding at the end the following new subsection3 7o7 ,special allowance for long-,term residential rental property 7#a7 ,in general ,in the case of any long-term residential rental property of a taxpayer making an election under this subsection-- 7,a7 the depreciation deduction provided by section #afg7;a7 for the taxable year in which such property is placed in service shall include an allowance equal to the lesser of-- 7i7 an amount equal to the product of-- 7,i7 the total number of dwelling units in the long-term residential rental property1 multiplied by 7,,ii7 #aej1jjj1 or 7ii7 #ajj percent of the adjusted basis of the long-term residential rental property 7other than land71 and 7,b7 the adjusted basis of the long-term residential rental property shall be reduced by the amount of such deduction before computing the amount otherwise allowable as a depreciation deduction under this chapter for such taxable year and any subsequent taxable year4 7#b7 ,long-term residential rental property ,for purposes of this subsection1 the term long-term residential rental property means property-- 7,a7 to which this section applies1 7,b7 which is placed in service in the ,united ,states after the date of enactment of this subsection1 7,c7 which-- 7i7 is used as residential rental property 7as defined in subsection 7e77#b77;,a771 and 7ii7 consists of not less than #b dwelling units1 7,d7 the original use of which commences with the taxpayer1 and 7,e7 which is designated by the taxpayer in the election made under this subsection4 7#c7 ,deduction allowed in computing minimum tax ,for purposes of determining alternative minimum taxable income under section #ee1 the deduction under section #afg for long-term residential rental property shall be determined under this section without regard to any adjustment under section #ef4 7#d7 ,recapture ,if1 at any time during the #aj-year period beginning on the date that any long-term residential rental property is placed in service by the taxpayer1 such property ceases to be used as described in paragraph 7#b77;,c7-- 7,a7 section #abde shall be applied-- 7i7 by treating such property as having been disposed of by the taxpayer as of the first time such property is so used1 and 7ii7 by treating the amount described in subparagraph 7,b7 of section #abde7;a77#a7 with respect to such disposition as being not less than the amount described in subparagraph 7,a7 of such section1 and 7,b7 the basis of the taxpayer in such property1 and the taxpayer's allowance for depreciation with respect to such property1 shall be appropriately adjusted to take into account amounts recognized by reason of subparagraph 7,a74 7#e7 ,additional amount for affordable housing 7,a7 ,in general ,in the case of any long-term residential rental property which is part of a project which meets any of the requirements described in subparagraph 7,a71 7,b71 or 7,c7 of section #db7;g77#a71 as elected by the taxpayer1 paragraph 7#a77;,a77i77,,ii7 shall be applied with respect to such property by substituting #bej1jjj for #aej1jjj4 7,b7 ,extended recapture period ,in the case of any long-term residential rental property described in subparagraph 7,a71 if1 at any time during the #ae-year period beginning on the date that such property is placed in service by the taxpayer1 such property ceases to satisfy the requirements described in such subparagraph1 subparagraphs 7,a7 and 7,b7 of paragraph 7#d7 shall apply4 7#f7 ,election 7,a7 ,in general ,an election under this subsection for any taxable year shall-- 7i7 specify the property subject to the election1 and 7ii7 except as otherwise provided by the ,secretary1 be made on the taxpayer's return of the tax imposed by this chapter for the taxable year4 ,such election shall be made in such manner as the ,secretary may prescribe by regulations or other guidance4 7,b7 ,election ,any election made under this subsection1 and any specification contained in any such election1 may not be revoked except with the consent of the ,secretary 7and the ,secretary shall provide such consent only in extraordinary circumstances74 7#g7 ,regulations ,the ,secretary shall issue such regulations or other guidance as may be necessary or appropriate to carry out the purposes of this subsection1 including regulations or other guidance regarding-- 7,a7 the application of paragraph 7#e7 in a manner which is consistent with the application of section #db7;g71 and 7,b7 certification of compliance with the requirements under such paragraph4 4 7#b7 ,treatment of long-term residential rental property as section #abde property ,section #abde7;a77#c7 of the ,internal ,revenue ,code of #aihf is amended by striking or at the end of subparagraph 7,f71 by striking the period at the end of subparagraph 7,g7 and inserting 1 or1 and by adding at the end the following new subparagraph3 7,h7 any long-term residential rental property 7as defined in section #afh7o77#b774 4 7b7 ,effective date ,the amendments made by this section shall apply to property placed in service after the date which is #ab months after the date of the enactment of this ,act4