Both Nunes and Berkley are members of the House Ways and Means Committee, the chamber’s tax-writing panel.
Under the measure, investors in commercial real estate properties could immediately claim a depreciation deduction if they used at least 80 percent of an investment to lower mortgage debt. (The rest of the funds could be spent on improvements like enhanced energy efficiency.)
Investors who buy into the business would get an extra bonus: a one-time depreciation deduction of 50 percent.
“This temporary investment incentive is needed to breathe life back into a sector of our economy that offers good employment and significant local benefits,” Nunes said.