Renewing Investment in American Workers and Supply Chains Act

This bill changes tax rules for property owners by shifting depreciation timelines for nonresidential (e.g., office buildings) and residential rental properties (e.g., apartment buildings) from 39 years to a 20-year recovery period. It adds a "neutral cost recovery" mechanism that adjusts annual tax deductions based on economic inflation (using GDP deflator data), ensuring deductions stay aligned with economic conditions. Property owners will see annual deduction amounts recalculated using this formula, which accounts for inflation since the property was placed in service. The changes apply to properties placed in service after the bill’s enactment date. This is a tax code adjustment affecting commercial and rental real estate investors, not a direct supply chain or worker-focused policy.