Multifamily Depreciation Parity Act of 2019

II 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 Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Multifamily Deprecia- 4 tion Parity Act of 2019’’. 5 SEC. 2. DEPRECIATION OF CERTAIN RESIDENTIAL RENTAL 6 PROPERTY OVER 30-YEAR PERIOD. 7 Section 13204(b) of Public Law 115–97 is amend- 8 ed— 9 VerDate Sep 11 2014 03:46 Dec 11, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\S2984.IS S2984 kjohnson on DSK79L0C42 with BILLS 2 •S 2984 IS (1) in paragraph (1), by striking ‘‘paragraph 1 (2)’’ and inserting ‘‘paragraphs (2) and (3)’’; and 2 (2) by adding at the end the following: 3 ‘‘(3) CERTAIN RESIDENTIAL RENTAL PROP- 4 ERTY.—In the case of any residential rental prop- 5 erty— 6 ‘‘(A) which was placed in service before 7 January 1, 2018, 8 ‘‘(B) which is held by an electing real 9 property trade or business (as defined in section 10 163(j)(7)(B) of the Internal Revenue Code of 11 1986), and 12 ‘‘(C) for which subparagraph (A), (B), (C), 13 (D), (E), or (G) of section 168(g)(1) of the In- 14 ternal Revenue Code of 1986 did not apply 15 prior to such date, 16 the amendments made by subsection (a)(3)(C) shall 17 apply to taxable years beginning after December 31, 18 2017.’’. 19 Æ VerDate Sep 11 2014 03:46 Dec 11, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\S2984.IS S2984 kjohnson on DSK79L0C42 with BILLS