summary
Introduced
07/11/2023
07/11/2023
In Committee
07/11/2023
07/11/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to deny interest and depreciation deductions for taxpayers owning 50 or more single family properties.
AI Summary
This bill, titled the "Stop Predatory Investing Act," aims to amend the Internal Revenue Code to disallow interest and depreciation deductions for taxpayers who own 50 or more single-family rental properties. The key provisions of the bill are: 1) Disallowing interest deductions for "disqualified single-family property owners," defined as those who own 50 or more such properties, with some exceptions for sales to individuals for their primary residence or to qualified nonprofit organizations; and 2) Disallowing depreciation deductions for "disqualified single-family property owners" on their single-family rental properties, again with exceptions for certain sales. The bill is intended to address concerns about the impact of large-scale real estate investors on the availability and affordability of single-family homes for individual homeowners.
Committee Categories
Budget and Finance
Sponsors (13)
Sherrod Brown (D)*,
Tammy Baldwin (D),
Richard Blumenthal (D),
John Fetterman (D),
Amy Klobuchar (D),
Jeff Merkley (D),
Jack Reed (D),
Bernie Sanders (I),
Tina Smith (D),
Elizabeth Warren (D),
Peter Welch (D),
Sheldon Whitehouse (D),
Ron Wyden (D),
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. (on 04/18/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/senate-bill/2224/all-info |
| BillText | https://www.congress.gov/118/bills/s2224/BILLS-118s2224is.pdf |
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