Bill > SB28

This bill creates a new housing market impact tax targeting high-volume landlords who own 50 or more taxable houses in a single county. The tax is $2,000 per taxable house (defined as single-family, two-family, or three-family dwellings) paid monthly, with the revenue split equally between the low- and moderate-income housing trust fund and the local government fund. Key provisions include requiring landlords to file monthly tax returns, establishing penalties for late or incorrect filings, and creating a mechanism for tracking ownership of large residential property portfolios. The bill introduces a complex framework for defining "combined taxpayer groups" to prevent tax avoidance by restructuring ownership, and includes provisions for refunds, assessments, and enforcement. Notably, certain entities like county land reutilization corporations, port authorities, and nonprofit organizations are exempt from the tax. The tax is designed to generate revenue for local governments and housing support while potentially discouraging the concentration of housing ownership by large corporate entities. Penalties for non-compliance can include financial assessments, interest charges, and potential criminal penalties for fraudulent reporting.