To amend the Internal Revenue Code of 1986 to provide bonus depreciation for long-term residential rental housing.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 8996 Introduced in House (IH)] <DOC> 119th CONGRESS 2d Session H. R. 8996 To amend the Internal Revenue Code of 1986 to provide bonus depreciation for long-term residential rental housing. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 21, 2026 Ms. Sanchez (for herself, Ms. Tenney, Mr. Panetta, and Mr. LaHood) introduced the following bill; which was referred to the Committee on Ways and Means _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to provide bonus depreciation for long-term residential rental housing. 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 ``Rental Housing Investment Act''. SEC. 2. TAX INCENTIVES FOR LONG-TERM RESIDENTIAL RENTAL HOUSING. (a) Special Depreciation Allowance.-- (1) In general.--Section 168 of the Internal Revenue Code of 1986, as amended by section 70307 of Public Law 119-21, is amended by adding at the end the following new subsection: ``(o) Special Allowance for Long-Term Residential Rental Property.-- ``(1) In general.--In the case of any long-term residential rental property of a taxpayer making an election under this subsection-- ``(A) the depreciation deduction provided by section 167(a) for the taxable year in which such property is placed in service shall include an allowance equal to the lesser of-- ``(i) an amount equal to the product of-- ``(I) the total number of dwelling units in the long-term residential rental property, multiplied by ``(II) $150,000, or ``(ii) 100 percent of the adjusted basis of the long-term residential rental property (other than land), and ``(B) the adjusted basis of the long-term residential rental property shall be reduced by the amount of such deduction before c