To amend the Internal Revenue Code of 1986 to establish a 15-year recovery period for depreciation of designated low-income buildings and to allow passive losses and credits attributable to qualified low-income buildings.

Amends the Internal Revenue Code to: (1) allow a 15-year recovery period for depreciation of certain low-income buildings eligible for the tax credit for low-income housing; and (2) exempt such buildings from provisions disallowing certain passive investment activity tax losses and credits.