NAR Industry Coalition Letter Regarding the "Real Estate Industry Multifamily Depreciation Parity Act of 2019"
Issue Date: December 06, 2019
US S 2984 - Multifamily Depreciation Parity Act of 2019
On December 6, NAR as part of a coalition of real estate associations sent a letter to Senator Thune and Representatives Morelle and Wenstrup, The letter thanks the representaives for introducing the Multifamily Depreciation Parity Act of 2019. The letter expresse support for the critical legislation whic corrects a drafting oversight in the Tax Cuts and Jobs Act (TCJA) that requires certain multifamily buildings to be depreciated over 40 years as opposed to the congressionally intended 30 years. The bill should be included in any tax legislation that may be enacted this year, so that the multifamily industry can build the 328,000 new apartment units our nation needs annually between today and 2030.