A bill to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property.

Bill 118 s 4924, also known as the "Depreciation Modification Act," aims to make changes to the Internal Revenue Code of 1986 regarding the depreciation of nonresidential real property and residential rental property.

The bill proposes modifications to the current depreciation rules for these types of properties, which are used by businesses and individuals for various purposes. Specifically, the bill seeks to adjust the depreciation schedules for nonresidential real property and residential rental property in order to better reflect the economic realities of these assets.

By updating the depreciation rules, the bill aims to provide more accurate and fair tax treatment for owners of nonresidential real property and residential rental property. This could potentially result in tax savings for these property owners, as well as encourage investment in these types of properties. Overall, the Depreciation Modification Act seeks to modernize and improve the tax treatment of nonresidential real property and residential rental property, ultimately benefiting both property owners and the economy as a whole.