Residential Rental Housing Tax Incentive Act of 1983

Summary

Residential Rental Housing Tax Incentive Act of 1983 - Amends the Internal Revenue Code to allow a taxpayer to elect to depreciate residential rental property under the straight line method, based on a period of ten years, if the original use of such property begins with the taxpayer. Allows the depreciation of low-income housing using a base period of eight years. Defines "low-income housing" as a building where at least 20 percent of the dwelling units are occupied by families and individuals with low or moderate incomes and where the rent does not exceed 30 percent of the family income. Exempts residential rental property and low-income housing from amortization requirements for construction period interest and taxes. Revises rules for the depreciation of low-income rehabilitated housing where 20 percent or more of the housing units are rented by low or moderate income families. Increases the amount of low-income housing rehabilitation expenditures eligible for depreciation from $20,000 to $40,000. Eliminates the provision for recapture of depreciation for rehabilitation expenditures. Provides for a limited income tax credit equal to the amounts paid or incurred by the taxpayer for repairs and maintenance of low-income housing.

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1 official file

• Introduced in House

  summary · EN · 6 January 1983

  Open at official source

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