Real Estate Construction and Rehabilitation Tax Incentives Act of 1980

[AI summary unavailable — showing source text] Real Estate Construction and Rehabilitation Tax Incentives Act of 1980 - Title I: Capital Cost Recovery Treatment of New Section 1250 Property - Amends the Internal Revenue Code to require a 20-year straight line depreciation of depreciable real property placed into service after the effective date of this Act. Provides transitional rules for property already in service. Excepts from such 20-year requirement low-income rental housing, which must undergo a 15-year straight line depreciation. Title II: Investment Tax Credit for Section 1250 Property - Permits a taxpayer, in lieu of the new depreciation schedule set forth in title I of this Act, to elect to take a one-time ten percent investment tax credit. Limits such credit to property placed in service between January 1, 1981 and December 31, 1984. Requires recapture, in whole or in part, if the property is sold within five years after being placed in service. Directs the Secretary of the Treasury to report to Congress by January 1, 1984, on the effectiveness and efficiency of this title as an incentive for the construction of new section 1250 property. Title III: Deduction of Construction Period Interest and Taxes - Repeals curren…