2026 Budget Act — Law No. 2026-103

The Jeanbrun Scheme Explained Simply

The Pinel successor transforms taxation for private landlords: depreciation up to 5.5%, property deficit of 10,700 to 21,400 euros, no zoning. Target: 400,000 housing units/year. Reserved for apartment buildings only.

Discover the rates

Law enacted February 19, 2026 — Scheme in force

Key Points of the Scheme

A paradigm shift for rental investment in France

Tax Depreciation

Unlike Pinel (tax credit), the Jeanbrun scheme offers annual depreciation of 3.5% to 5.5% deductible from global income.

No Zoning

No more zones A, A bis, B1 from Pinel. The scheme applies throughout France, mainland and overseas.

Apartment Buildings Only

The scheme is reserved for apartment buildings (collective housing). Single-family homes are excluded, whether new or renovated.

Property Deficit

Depreciation can create a deficit deductible from global income, capped at 10,700 euros/year (or 21,400 euros/year for energy renovation - EPC E/F/G to A/B/C/D).

9-Year Commitment

Fixed rental period as tenant's primary residence. The property must be rented unfurnished.

Pinel Caps by Zone

Rents are capped according to Pinel rates by ABC zone: A bis (19.71 €/m²), A (14.64 €/m²), B1 (11.80 €/m²), B2 (10.26 €/m²), C (10.26 €/m²). Social and very-social ceilings are set for each municipality.

Depreciation Rates

Rates vary according to property type and rent level

New Housing

RE2020, EPC class A or B, completed after 01/01/2026

Rental Type Rate / year Cap
Intermediate (Pinel cap) 3.5% 8,000 euros
Social (municipality-specific social ceiling) 4.5% 10,000 euros
Very social (municipality-specific very-social ceiling) 5.5% 12,000 euros
Renovated Housing

Minimum 30% renovation of purchase price, EPC A or B after works

Rental Type Rate / year Cap
Intermediate (Pinel cap) 3% 8,000 euros
Social (municipality-specific social ceiling) 3.5% 10,000 euros
Very social (municipality-specific very-social ceiling) 4% 12,000 euros

Depreciable base: 80% of property purchase price (excluding land). Maximum 2 properties per tax household.

Jeanbrun Simulator

Estimate your annual tax savings with the new scheme

Property price in euros
Property tax, insurance, etc.

Without Jeanbrun

Annual tax

With Jeanbrun

Annual tax

Estimated annual savings

Details:

Indicative simulation: This calculation is based on rates from Law No. 2026-103 of February 19, 2026. Terms are specified by the implementation decrees and the 2026 scale. 9-year commitment, unfurnished rental required.

Pinel vs Jeanbrun

The fundamental differences between the two schemes

Criterion Pinel (ended 2024) Jeanbrun (2026)
Tax mechanism Direct tax credit Annual depreciation
Application Income tax only Global income
Rates 9% to 14% of price (21% Pinel+) 3.5% to 5.5% per year
Commitment period 6, 9 or 12 years (choice) 9 years fixed
Zoning Zones A bis, A, B1 required None (entire territory)
Renovated eligible No Yes (min 30% works, apartments only)
Property deficit Capped at 10,700 euros 10,700 euros/year (or 21,400 euros/year for energy renovation)
Eligible properties New only Apartment buildings (new/renovated)
Estimated budget cost 7.3 Bn euros (2014-2024) 1.2 Bn euros planned

Note: Pinel ended on December 31, 2024. Previous Pinel investments retain their benefits until the end of their commitment.

Optimised tax combo

Super Jeanbrun: Jeanbrun + LLI

For investors using a French civil property company, stacking the Jeanbrun scheme with the Intermediate Rental Housing (LLI) regime layers three tax advantages on the same purchase.

1

Reduced VAT 10%

The LLI regime applies a 10% VAT instead of 20% on the purchase price, delivering an immediate saving of about 8.5% on the new property's gross price.

At purchase — LLI
2

Jeanbrun depreciation

3.5% per year over 9 years (intermediate rent), deductible from global income with an 8,000 € annual cap. Calculated on 80% of the net price (excluding land).

Over 9 years — Jeanbrun
3

Property tax credit

Throughout the LLI agreement (15 to 20 years), a tax credit offsets the local property tax (TFPB) levied on the home.

15-20 years — LLI

Conditions to meet

Tight-market zones only

LLI is limited to zones A bis, A and B1. In zones B2 and C, reduced VAT does not apply, so the combo is not available.

Purchase through an income-tax company

The property must be held by an SCI or family SARL elected to income tax (IR). Corporate tax (IS) cancels the Jeanbrun depreciation benefit.

20-year commitment

LLI requires a 15- to 20-year rental commitment. The 9-year Jeanbrun depreciation sits inside that period.

New apartment building

Apartments off-plan, RE2020-compliant, EPC A or B, in a building with at least 4 units (LLI rule). Single-family houses are excluded.

Intermediate rent (Loc1)

Pinel rent cap by zone: 19.71 €/m² in A bis, 14.64 €/m² in A, 11.80 €/m² in B1. LLI imposes the intermediate scale.

Tenant income limits

Tenants must meet the intermediate income caps (LLI/Pinel), depending on household composition and the property's zone.

Worked example — New apartment, €250,000 gross in zone A

Benefit Calculation Estimated saving
Reduced VAT 10% (LLI) €250,000 gross at 20% → €229,167 gross at 10% ~ €20,833saving at purchase
Jeanbrun depreciation (9 years) 3.5% × 80% × net price × 9 years, 30% marginal rate ~ €17,325cumulative tax saving
Property tax credit (15 years) ~ €1,200/year × 15 years (average estimate) ~ €18,000tax credit
Estimated total tax saving over the period ~ €56,000

Indicative figures for an investor in a French SCI elected to income tax, 30% marginal rate, with a rent at the Loc1 ceiling in zone A. Actual savings vary with marginal rate, purchase price and local property tax.

Want to find out whether your project qualifies for the Super Jeanbrun?

Call +33 805 691 395 Request documentation

Important: Stacking Jeanbrun and LLI is allowed only under strict conditions. The SCI must be elected to income tax (never to corporate tax, or the Jeanbrun depreciation is lost). The exact combination rules are set out in the implementing decrees. Always consult a wealth management adviser or notary before committing.

Frequently Asked Questions

Answers to the most common questions

Yes, the law has been enacted. The 2026 finance law including the scheme was enacted on February 19, 2026 (Law No. 2026-103), after validation by the Constitutional Council (decision No. 2026-901 DC of February 19, 2026). The law was published in the Official Journal on February 20, 2026 (OJ No. 0043). The scheme is in force and the 2026 rent-cap scale has been published. The scheme is officially named "Relance Logement". Government target: 400,000 housing units/year, 50,000 directly from the scheme.
No. Amendment I-3970 explicitly excludes renting to ascendants, descendants and in-laws up to the 2nd degree. This prohibition aims to prevent family tax optimization schemes.
Rent caps are based on Pinel caps by ABC zone, adjusted by a structure coefficient (0.7 + 19/Surface, capped at 1.2). 2026 caps: A bis: 19.71 €/m², A: 14.64 €/m², B1: 11.80 €/m², B2: 10.26 €/m², C: 10.26 €/m². Intermediate level = Pinel cap, social = municipality-specific social ceiling, very social = municipality-specific very-social ceiling.
Tax credit (Pinel) directly reduced the tax owed, with a cap linked to the tax amount. Depreciation (Jeanbrun) is a deductible expense that reduces taxable income. It can be applied to global income, a first for a property scheme. Concretely, depreciation can create a deficit that reduces tax on salaries and other income.
The scheme covers acquisitions made between January 1, 2026 and December 31, 2028. The finance law was enacted on February 19, 2026 (Law No. 2026-103). The implementation decrees and the 2026 scale specify the practical arrangements (form 2044-EB, rent caps by municipality, etc.).
The scheme is limited to maximum 2 properties per tax household. This limit aims to focus the tax benefit on small and medium investors rather than large portfolios.

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