A bill to amend subsection 167 (k) of the Internal Revenue Code to promote the rehabilitation of housing for families of low income.

[AI summary unavailable — showing source text] Extends the provisions of the Internal Revenue Code to authorize a depreciation deduction for expenditures incurred to rehabilitate low-income rental housing from January 1, 1975, to January 1, 1981. Increases the aggregate amount limitation for such deduction from $15,000 to $20,000. Increases the amount of such expenses that must be incurred in 2 consecutive years by the taxpayer to be eligible for such deduction from $3,000 to $5,000.…