Tax on Investment Funds for Owning Excessive Single-Family Homes
This Act imposes significant excise taxes on large investment funds and REITs that own or acquire an excessive number of single-family residences (1-4 units). The goal is to compel these entities to sell off properties, thereby increasing housing availability for individual families. Revenue generated from these taxes will fund a new trust dedicated to providing down payment assistance to citizens.
Key points
Imposes a 50% tax on the fair market value for large investment entities acquiring new single-family residences.
Annual penalty of $50,000 per home held by a fund above a set limit, forcing a gradual divestment of properties over 9 years.
Establishes a Housing Downpayment Trust Fund, financed by these taxes, to provide grants for families purchasing homes, prioritizing those sold by the taxed entities.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.