Bill > S3402

This bill, the "End Hedge Fund Control of American Homes Act," proposes to amend the Internal Revenue Code to impose an excise tax on certain hedge funds that fail to dispose of excess single-family residences they own. The key provisions of the bill are: 1. Imposing a 50% excise tax on the acquisition of any newly acquired single-family residence by an "applicable taxpayer" (defined as a fund manager with $50 million or more in assets under management). 2. Imposing a $50,000 tax per excess single-family residence owned by an applicable taxpayer above a certain threshold, which decreases over time to incentivize the sale of these properties. 3. Establishing a Housing Downpayment Trust Fund to use the tax revenue generated to provide down payment assistance grants to families purchasing homes, with priority given to those buying properties sold by applicable taxpayers. The goal of the bill is to discourage hedge funds and other large investment entities from acquiring and holding an excess number of single-family homes, which can drive up housing prices and limit homeownership opportunities for individual buyers.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/3402/all-info