Bill > H2425

This bill imposes a 15% fee on the purchase price of real property transferred to "alien purchasers" (non-U.S. citizens or nationals) in cities and towns that accept the provisions of the act. The fee is paid to the city or town and deposited into an affordable housing trust fund. The bill includes definitions of key terms like "alien purchaser," "purchase price," and "real property interest." It also outlines exemptions, penalties for non-payment, and the process for cities and towns to accept the provisions of the act. The goal of the bill is to address concerns around international real estate speculation and use the revenue generated to support affordable housing initiatives.

Budget and Finance

https://malegislature.gov/Bills/191/H2425