Bill > H4830

This bill establishes an excise tax on applicable taxpayers, which are defined as persons or entities that manage pooled investment funds (hedge funds) and have $50 million or more in net value or assets under management. The tax applies to these hedge fund taxpayers that own single-family residences in excess of a maximum permissible number, which decreases over time from 90% of their applicable residences owned on the bill's effective date down to 0% after 9 years. The revenue from this tax will be deposited into a Housing Down Payment Trust Fund to provide grants for down payment assistance to first-time homebuyers. The bill also requires certain certifications for the sale or transfer of these single-family residences by applicable taxpayers.

Budget and Finance

https://malegislature.gov/Bills/193/H4830