Renewing Investment in American Workers and Supply Chains Act

This bill modifies U.S. tax depreciation rules for commercial and rental real estate. It changes the standard depreciation period for nonresidential real property (like offices) and residential rental property (like apartment buildings) to 20 years, removing bonus depreciation for these assets. It also creates a "neutral cost recovery" system that adjusts annual tax deductions based on GDP inflation data to maintain consistent tax treatment over time. These changes apply to property placed in service after the bill’s enactment date, affecting commercial property owners and rental investors through revised tax calculations.