To amend the Internal Revenue Code of 1986 to provide incentives for certain residential rental property.

119th Congress Introduced by Mike Carey

The bill aims to create or expand tax incentives (credits, deductions, or depreciation) to encourage investment in residential rental property.

Introduced in House

Overview

HR 9573 (119th Congress) is a bill introduced in the House of Representatives with the stated aim of amending the Internal Revenue Code of 1986 to provide incentives for certain residential rental property. The bill has been referred to the House Committee on Ways and Means and lists Mike Carey as a co-sponsor.

Purpose and intent

The primary objective is to create or expand fiscal incentives related to residential rental property.

The proposals likely target tax provisions that affect owners, developers, or investors in single-family, multi-family, or other residential rental real estate, with the goal of encouraging investment, construction, acquisition, or improvement of rental housing.

Key provisions and changes (illustrative)

Note: The exact text of HR 9573 is not provided here. Based on the title, typical elements of such bills may include:
- Tax credits or deductions for investments in qualifying residential rental property (e.g., new construction, substantial rehabilitation, or energy-efficient improvements).
- Modifications to depreciation schedules or bonus depreciation for rental property improvements.
- Incentives tied to location-based criteria (e.g., affordable housing, rural or distressed areas) or targeted to increase supply.
- Provisions affecting pass-through entities, corporations, and individual landlords.
- Compliance, reporting, and phase-in/phase-out timelines for any new incentives.

For precise provisions, the bill’s text, section-by-section summary, and fiscal notes would be required.

Who would be affected

Residential property owners and landlords seeking rental income.

Real estate developers and construction firms involved in residential rental projects.

Property management companies and rental housing investors.

Taxpayers who own or invest in qualifying rental properties and could benefit from credits, deductions, or accelerated depreciation.

Potential indirect effects on renters through changes in rental housing supply or affordability, depending on the nature of the incentives.

Procedural and timeline aspects

Introduced in the House and assigned to the Committee on Ways and Means (the chief tax-writing committee).

A sponsor is listed (co-sponsor Mike Carey), indicating initial bi-partisan or party-oriented support, depending on the sponsor’s affiliation.

No further action (as of the provided history) beyond referral to committee; future steps would include committee consideration, potential amendments, floor consideration, and votes in the House, and then potential action in the Senate.

Potential impacts and considerations

If enacted, the incentives could alter the after-tax return on residential rental investments, influence capital flows into rental housing, and affect housing supply.

Policymakers and stakeholders would weigh budgetary impact, potential effects on rental prices, construction activity, and compliance burdens.

The exact fiscal impact, eligibility criteria, and sunset or renewal provisions will be critical to understanding long-term effects.

Next steps for interested readers

Review the full text of HR 9573 and any introduced amendments to understand precise eligibility, credit/deduction amounts, phase-in periods, and sunset provisions.

Examine the Committee report and fiscal impact statements for cost estimates and intended administration.

Monitor floor debate and potential no-action or markup schedules for further developments.