What is the official ID of this bill?
The official print number for this legislation is S 703.
Home Advantage for American Families Act: Curbing Foreign Real Estate Purchases
This act aims to reduce the impact of foreign purchases on residential real estate prices in the U.S. It introduces new reporting rules for non-U.S. persons involved in property transactions and increases the tax on residential property sales by foreigners. Additionally, the act boosts funding for low-income housing, potentially increasing housing availability for citizens.
Key points
New reporting requirements for foreign persons purchasing residential properties in the 15 largest U.S. metropolitan areas, aiming to increase transaction transparency.
Increased tax rate from 15% to 30% on the sale of residential real estate by non-U.S. persons, potentially discouraging speculative purchases.
Increased available funds for low-income housing construction, which could improve housing access for citizens.
Status:
Expired
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