Bill > HR3588

This bill, called the "Real Estate Reciprocity Act", introduces comprehensive new reporting and taxation requirements for real estate purchases by non-U.S. citizens. It requires the Secretary of State to annually report on foreign countries that prohibit U.S. citizens from purchasing real estate. The bill imposes a 50% tax on real estate purchases by "disqualified persons", which includes citizens of countries that restrict U.S. property ownership, entities domiciled in those countries, and entities that are 10% controlled by such persons. Certain exceptions are made for diplomats, asylum seekers, and publicly traded corporations. The bill also mandates detailed reporting requirements for these real estate transactions, requiring the person responsible for closing the transaction to submit information about the buyer, property, and purchase price to the Internal Revenue Service. Buyers must provide an affidavit stating they are not a "disqualified person" or be subject to the reporting and potential taxation. The new regulations will apply to real estate acquisitions in taxable years beginning after the bill's enactment, aiming to create reciprocity and transparency in international real estate transactions.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/3588/all-info