The bill proposes tax incentives for long-term residential rental housing, aiming to encourage investment in such properties. It suggests a special depreciation allowance for qualifying long-term residential rental properties, with an option for an additional allowance for affordable housing. The election under this subsection for any taxable year should specify the property, and any specification contained in the election cannot be revoked. The bill indicates that the Secretary shall issue regulations necessary to carry out the purposes of this subsection. The proposed effective date for the amendments made by this bill is for property placed in service after 12 months from the enactment date.