Real Estate Construction and Rehabilitation Tax Incentives Act of 1981

[AI summary unavailable — showing source text] Real Estate Construction and Rehabilitation Tax Incentives Act of 1981 - 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 real depreciable property placed into service after the effective date of this Act. Provides transitional rules for property already in service. Requires a 12-year straight line depreciation of low-income housing and a 16-year straight line depreciation of rehabilitated residential rental property. Title II: Increase in Investment Tax Credit for Rehabilitated Structures - Increases from ten to 25 percent the investment tax credit for qualified rehabilitated buildings. Title III: Deduction of Construction Period Interest and Taxes - Repeals current provisions requiring the amortization of construction period interest and taxes. Allows the taxpayer to elect: (1) to treat the unamortized balance of such interest and taxes as chargeable to capital account; or (2) to deduct such unamortized balance for taxable year 1981. Title IV: Extension and Expansion of Existing Incentives - Repeals the expiration dates for Code provisions which: (1) permit rapid amortizatio…