Bill > S969

This bill aims to discourage large-scale single-family residential property investment by denying certain tax benefits to investors who own 50 or more single-family rental properties. Specifically, the bill prohibits "disqualified single family property owners" from claiming tax deductions for interest paid on these properties and from taking depreciation expenses. The only exceptions to these restrictions are if the properties are sold to an individual as a primary residence or to a qualified nonprofit organization focused on affordable housing, such as community development corporations, land banks, or community land trusts. The bill defines a single-family residential rental property as a residential property with 4 or fewer dwelling units, and it includes provisions to prevent investors from circumventing the law by treating related business entities as a single taxpayer. By limiting these tax advantages, the bill seeks to make large-scale property investment less financially attractive and potentially reduce the impact of corporate investors on the residential housing market, which could help improve housing affordability for individual homebuyers.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/969/all-info