The bill would impose an annual tax of $10,000 for each single-family residence above 75 owned by a covered taxpayer. Certain taxpayers are excluded, including qualifying nonprofits, people mainly engaged in building or rehabilitating these homes, and owners of federally subsidized housing. Related entities may be counted together. Some homes sold or transferred during the year would still count toward the total. The bill would direct tax revenue to a Housing Trust Fund for grants to state housing finance agencies, which would use the grants for down payment assistance programs. The tax would apply to tax years beginning after December 31, 2025.
A covered taxpayer owning more than 75 single-family residences could owe the tax. State housing finance agencies could receive grants for down payment assistance programs, with priority for families seeking to buy homes sold or transferred by a covered taxpayer. The bill does not specify who would qualify for assistance or how much assistance would be available.
Covered taxpayers could owe $10,000 for each residence above the 75-home limit. A person who fails to provide required sale information, or provides incorrect information, could face a $50,000 penalty, unless the failure was due to reasonable cause and not willful neglect. The bill does not provide estimates of tax revenue or program costs.
No publicly available information.
No publicly available information.