①Where an individual who files a blue return acquires, during the period from April 1, 1985 to March 31, 2029, a newly built specified urban renaissance building, or newly builds a specified urban renaissance building, and puts it to use for the individual's business (including that specified by Cabinet Order as equivalent to a business; hereinafter the same applies in this paragraph) (excluding the case where the individual puts to use for that business the specified urban renaissance building acquired through a lease transaction without transfer of ownership), the amount to be included in necessary expenses as the depreciation allowance for that specified urban renaissance building in calculating the amount of real estate income or the amount of business income for each year that includes a day within five years from the day on which it was put to use for the business, notwithstanding the provisions of Article 49, paragraph (1) of the Income Tax Act, is, limited to the period within five years from the day on which it was put to use for the business during which it is in that use, the amount calculated by the individual as necessary expenses, up to the amount equivalent to 125 percent (for that pertaining to buildings developed within the area listed in item (i) of the following paragraph, 150 percent) of the amount of depreciation allowance calculated for that specified urban renaissance building pursuant to the provisions of that paragraph that pertains to that period; provided, however, that it may not be less than the amount to be included in necessary expenses as the depreciation allowance for that specified urban renaissance building pursuant to the provisions of paragraph (1) of that Article.

②The specified urban renaissance building prescribed in the preceding paragraph means a building and its associated facilities pertaining to buildings specified by Cabinet Order that are developed, within any of the following areas, through an urban reconstruction project prescribed in Article 20, paragraph (1) of the Act on Special Measures concerning Urban Reconstruction (limited to one that meets the requirements specified by Cabinet Order) carried out based on a certified plan prescribed in Article 25 of the Act on Special Measures concerning Urban Reconstruction (Act No. 22 of 2002) (including, for the area listed in item (i), the development plan prescribed in Article 19-10, paragraph (2) of that Act published pursuant to the provisions of Article 19-2, paragraph (11) of that Act and the area plan prescribed in Article 25, paragraph (1) of the National Strategic Special Zones Act (Act No. 107 of 2013) that specifies a national strategic private urban renaissance project prescribed in that paragraph for which the certification under that paragraph has been obtained, and, for the area listed in item (ii), that area plan).

③The provisions of paragraph (2) of the preceding Article apply mutatis mutandis to the calculation of the amount of depreciation allowance for the specified urban renaissance building referred to in paragraph (1) that is subject to the provisions of that paragraph.

④The provisions of Article 11, paragraph (3) apply mutatis mutandis to the application of the provisions of paragraph (1) or the provisions of paragraph (2) of the preceding Article as applied mutatis mutandis pursuant to the preceding paragraph.

⑤Beyond what is provided for in the preceding paragraph, necessary matters concerning the application of the provisions of paragraphs (1) and (3) are specified by Cabinet Order.