What is the official ID of this bill?
The official print number for this legislation is S 551.
Curbing Foreign Real Estate Purchases and Boosting Affordable Housing Credits.
This bill aims to slow down the appreciation of residential property prices by making it more difficult for foreign investors to purchase homes in the largest US metropolitan areas. It introduces mandatory transaction reporting for foreign persons and significantly increases the withholding tax on their property sales. Crucially, it also expands tax credits available for developing small, affordable housing units in low-income neighborhoods.
Key points
The withholding tax rate on residential property sales by foreign persons in the 15 largest metro areas increases from 15% to 30%.
Foreign persons involved in these transactions must report details to the Treasury Department to combat money laundering.
The Low-Income Housing Tax Credit (LIHTC) is expanded specifically to support the construction of small (1-4 unit) affordable housing projects in qualified low-income areas.
Status:
Expired
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