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A bill to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property.
8/2/2024, 10:56 AM
Summary of Bill S 4924
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.
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.
Current Status of Bill S 4924
Bill S 4924 is currently in the status of Bill Introduced since August 1, 2024. Bill S 4924 was introduced during Congress 118 and was introduced to the Senate on August 1, 2024. Bill S 4924's most recent activity was Read twice and referred to the Committee on Finance. as of August 1, 2024
Bipartisan Support of Bill S 4924
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 4924
Primary Policy Focus
Alternate Title(s) of Bill S 4924
A bill to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property.
A bill to amend the Internal Revenue Code of 1986 to modify the depreciation of nonresidential real property and residential rental property.
Comments
Sponsors and Cosponsors of S 4924
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