The bill titled "Renewing Investment in American Workers and Supply Chains Act" proposes changes to how depreciation is handled for specific types of properties under the Internal Revenue Code. It seeks to set a 20-year recovery period for both nonresidential real property and residential...
Simple Explanation
The bill wants to change how businesses and landlords count the cost of their buildings for taxes, letting them say the buildings lose value over 20 years instead of a longer time. It also suggests a new way to figure out how costs change with the economy, to make the tax amount fairer without changing what the building is worth for taxes.