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Multifamily Depreciation Parity Act of 2019

10/28/2022, 1:46 AM

Congressional Summary of S 2984

Multifamily Depreciation Parity Act of 2019

This bill allows the depreciation of certain residential rental property placed in service prior to January 1, 2018, over a 30-year period (currently, such property is subject to a 40-year depreciation period).

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Current Status of Bill S 2984

Bill S 2984 is currently in the status of Bill Introduced since December 5, 2019. Bill S 2984 was introduced during Congress 116 and was introduced to the Senate on December 5, 2019.  Bill S 2984's most recent activity was Read twice and referred to the Committee on Finance. as of December 5, 2019

Bipartisan Support of Bill S 2984

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
2
Democrat Cosponsors
0
Republican Cosponsors
2
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 2984

Primary Policy Focus

Taxation

Potential Impact Areas

- Business investment and capital
- Housing industry and standards
- Income tax deductions

Alternate Title(s) of Bill S 2984

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.

Comments

Sponsors and Cosponsors of S 2984

John Thune
John Thune
South DakotaRepublican
Todd Young
Todd Young
IndianaRepublican
Johnny Isakson
Johnny Isakson
GeorgiaRepublican

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