,,ii #aai? ,,congress #b;d ,session ,s4 #djhj ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #ab1 #bjbf,ms4 ,blunt ,ro*e/] introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to am5d ! ,int]nal ,rev5ue ,code ( #aihf to provide bonus depreciation = long-t]m resid5tial r5tal h\s+4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,r5tal ,h\s+ ,inve/m5t ,act4 #b4 ,tax inc5tives = long-t]m resid5tial r5tal h\s+ 7a7 ,special depreciation all[ance 7#a7 ,9 g5]al ,section #afh ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by section #gjcjg ( ,public ,law #aai-ba1 is am5d$ by add+ at ! end ! foll[+ new subsection3 7o7 ,special all[ance = long-,t]m resid5tial r5tal prop]ty 7#a7 ,9 g5]al ,9 ! case ( any long-t]m resid5tial r5tal prop]ty ( a taxpay] mak+ an election "u ?is subsection-- 7,a7 ! depreciation d$uction provid$ by section #afg7;a7 = ! taxable ye> 9 :i* su* prop]ty is plac$ 9 s]vice %all include an all[ance equal to ! less] (-- 7i7 an am\nt equal to ! product (-- 7,i7 ! total numb] ( dwell+ units 9 ! long-t]m resid5tial r5tal prop]ty1 multipli$ by 7,,ii7 #aej1jjj1 or 7ii7 #ajj p]c5t ( ! adju/$ basis ( ! long-t]m resid5tial r5tal prop]ty 7o!r ?an l&71 & 7,b7 ! adju/$ basis ( ! long-t]m resid5tial r5tal prop]ty %all be r$uc$ by ! am\nt ( su* d$uction be=e comput+ ! am\nt o!rwise all[able z a depreciation d$uction "u ?is *apt] = su* taxable ye> & any subsequ5t taxable ye>4 7#b7 ,long-t]m resid5tial r5tal prop]ty ,= purposes ( ?is subsection1 ! t]m long-t]m resid5tial r5tal prop]ty means prop]ty-- 7,a7 to :i* ?is section applies1 7,b7 :i* is plac$ 9 s]vice 9 ! ,unit$ ,/ates aft] ! date ( enactm5t ( ?is subsection1 7,c7 :i*-- 7i7 is us$ z resid5tial r5tal prop]ty 7z def9$ 9 subsection 7e77#b77;,a771 & 7ii7 consi/s ( n less ?an #b dwell+ units1 7,d7 ! orig9al use ( :i* comm5ces ) ! taxpay]1 & 7,e7 :i* is designat$ by ! taxpay] 9 ! election made "u ?is subsection4 7#c7 ,d$uction all[$ 9 comput+ m9imum tax ,= purposes ( det]m9+ alt]native m9imum taxable income "u section #ee1 ! d$uction "u section #afg = long-t]m resid5tial r5tal prop]ty %all be det]m9$ "u ?is section )\t reg>d to any adju/m5t "u section #ef4 7#d7 ,recapture ,if1 at any "t dur+ ! #aj-ye> p]iod beg9n+ on ! date t any long-t]m resid5tial r5tal prop]ty is plac$ 9 s]vice by ! taxpay]1 su* prop]ty ceases to be us$ z describ$ 9 p>agraph 7#b77;,c7-- 7,a7 section #abde %all be appli$-- 7i7 by treat+ su* prop]ty z hav+ be5 dispos$ ( by ! taxpay] z ( ! fir/ "t su* prop]ty is s us$1 & 7ii7 by treat+ ! am\nt describ$ 9 subp>agraph 7,b7 ( section #abde7;a77#a7 ) respect to su* disposition z be+ n less ?an ! am\nt describ$ 9 subp>agraph 7,a7 ( su* section1 & 7,b7 ! basis ( ! taxpay] 9 su* prop]ty1 & ! taxpay]'s all[ance = depreciation ) respect to su* prop]ty1 %all be appropriately adju/$ to take into acc\nt am\nts recogniz$ by reason ( subp>agraph 7,a74 7#e7 ,additional am\nt = af=dable h\s+ 7,a7 ,9 g5]al ,9 ! case ( any long-t]m resid5tial r5tal prop]ty :i* is "p ( a project :i* meets any ( ! requirem5ts describ$ 9 subp>agraph 7,a71 7,b71 or 7,c7 ( section #db7;g77#a71 z elect$ by ! taxpay]1 p>agraph 7#a77;,a77i77,,ii7 %all be appli$ ) respect to su* prop]ty by sub/itut+ #bej1jjj = #aej1jjj4 7,b7 ,ext5d$ recapture p]iod ,9 ! case ( any long-t]m resid5tial r5tal prop]ty describ$ 9 subp>agraph 7,a71 if1 at any "t dur+ ! #ae-ye> p]iod beg9n+ on ! date t su* prop]ty is plac$ 9 s]vice by ! taxpay]1 su* prop]ty ceases to satisfy ! requirem5ts describ$ 9 su* subp>agraph1 subp>agraphs 7,a7 & 7,b7 ( p>agraph 7#d7 %all apply4 7#f7 ,election 7,a7 ,9 g5]al ,an election "u ?is subsection = any taxable ye> %all-- 7i7 specify ! prop]ty subject to ! election1 & 7ii7 except z o!rwise provid$ by ! ,secret>y1 be made on ! taxpay]'s return ( ! tax impos$ by ?is *apt] = ! taxable ye>4 ,su* election %all be made 9 su* mann] z ! ,secret>y may prescribe by regulations or o!r guidance4 7,b7 ,election ,any election made "u ?is subsection1 & any specification conta9$ 9 any su* election1 may n be revok$ except ) ! cons5t ( ! ,secret>y 7& ! ,secret>y %all provide su* cons5t only 9 extraord9>y circum/ances74 7#g7 ,regulations ,! ,secret>y %all issue su* regulations or o!r guidance z may be necess>y or appropriate to c>ry out ! purposes ( ?is subsection1 includ+ regulations or o!r guidance reg>d+-- 7,a7 ! application ( p>agraph 7#e7 9 a mann] :i* is consi/5t ) ! application ( section #db7;g71 & 7,b7 c]tification ( compliance ) ! requirem5ts "u su* p>agraph4 4 7#b7 ,treatm5t ( long-t]m resid5tial r5tal prop]ty z section #abde prop]ty ,section #abde7;a77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ or at ! end ( subp>agraph 7,f71 by /rik+ ! p]iod at ! end ( subp>agraph 7,g7 & ins]t+ 1 or1 & by add+ at ! end ! foll[+ new subp>agraph3 7,h7 any long-t]m resid5tial r5tal prop]ty 7z def9$ 9 section #afh7o77#b774 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to prop]ty plac$ 9 s]vice aft] ! date :i* is #ab mon?s aft] ! date ( ! enactm5t ( ?is ,act4