This bill amends the Internal Revenue Code of 1986 to establish a new special depreciation allowance for long-term residential rental property. This provision allows taxpayers to deduct a significant portion of a qualifying property's adjusted basis in the year it is placed in service, aiming to stimulate investment in rental housing development. The bonus depreciation is calculated as the lesser of 100 percent of the property's adjusted basis (excluding land) or a per-dwelling-unit amount. This allowance is set at $150,000 per unit, but increases to $250,000 per unit for properties that meet specific affordable housing requirements , aligning with existing Section 42(g)(1) standards. To qualify, properties must be placed in service in the U.S. after the bill's enactment, contain at least two dwelling units, and have their original use commence with the taxpayer. The bill includes recapture provisions , requiring the repayment of the bonus depreciation if the property ceases to be used as residential rental property within 10 years, or 15 years for affordable housing projects. This deduction is also permitted when computing alternative minimum taxable income and applies to property placed in service 12 months after enactment.