1. Short title
This Act may be cited as the “Multifamily Depreciation Parity Act of 2019”.
Multifamily Depreciation Parity Act of 2019
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.
2. Depreciation of certain residential rental property over 30-year period
Section 13204(b) of Public Law 115–97 is amended—
in paragraph (1), by striking “paragraph (2)” and inserting “paragraphs (2) and (3)”; and
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,”