Creation of the "Robien" depreciation for new-build rental investment

Article 91 of the planning and housing Act creates Article 31 I 1° h of the General Tax Code: for homes bought new or off-plan from 3 April 2003, or built, converted or renovated from that date, the owner may deduct from rental income a depreciation of 8% of the price for five years then 2.5% for four years, i.e. 50% over nine years. The owner undertakes to let the home unfurnished for at least nine years as the tenant's main residence, with rent capped by decree; there is no tenant income ceiling. Afterwards, the depreciation can be extended for two three-year periods at 2.5% a year. Article 31 bis opens the benefit to shareholders of real-estate investment companies (SCPI), on 95% of their subscription. The former "Besson" depreciation is closed to acquisitions after 2 April 2003.