The **Rental Housing Investment Act** proposes to amend the Internal Revenue Code of 1986 by establishing a **special depreciation allowance** for qualifying long-term residential rental property. This measure is designed to incentivize new construction and investment in rental housing by allowing taxpayers to deduct a substantial portion of the property's cost upfront. The goal is to increase the availability of rental units across the United States. Under the new provisions, taxpayers can elect to take a bonus depreciation deduction equal to the lesser of 100% of the property's adjusted basis or a per-dwelling unit cap. This cap is set at **$150,000 per dwelling unit** for general long-term residential rental property. For projects that meet specific **affordable housing requirements**, the bonus depreciation cap is increased to **$250,000 per dwelling unit**, providing an enhanced incentive for such developments. To qualify, the property must be new residential rental property with at least two dwelling units, and its original use must commence with the taxpayer after the bill's enactment date. The bill includes **recapture rules** to ensure the property maintains its rental use for a specified period. If the property ceases to be used as long-term residential rental property within 10 years (or 15 years for affordable housing), the bonus depreciation may be subject to recapture, ensuring the incentive supports its intended long-term purpose.