The purpose of this legislation, known as the Rental Housing Investment Act, is to encourage investment in long-term residential rental housing by providing tax incentives. Specifically, it aims to make it more financially attractive for taxpayers to invest in and maintain rental properties, which can help address housing shortages and improve the rental market. Key provisions of the act include a special depreciation allowance for long-term residential rental properties. Taxpayers can claim a depreciation deduction when they place such properties in service.