Bill > HR6630

This bill, the American Neighborhoods Protection Act of 2023, aims to limit the number of single-family residences that individuals and entities can own. The key provisions include: 1. Imposing an excise tax of $10,000 per residence on taxpayers (with some exceptions) who own more than 75 single-family residences. This is intended to encourage the sale of excess properties. 2. Establishing a Housing Trust Fund that will receive the revenue from the excise tax and use it to provide down payment assistance grants to families purchasing homes, with priority given to homes sold by the covered taxpayers who are subject to the excise tax. The bill defines a single-family residence as a residential property with up to four dwelling units and provides rules for determining ownership and aggregating related entities. It also requires reporting and imposes penalties for failure to report the required information.