Bill > S3930

This bill, the HOPE (Humans over Private Equity) for Homeownership Act, aims to impose a 15% excise tax on the purchase price of newly acquired single-family residences (properties with 1-4 dwelling units) by "hedge fund taxpayers," which are defined as entities managing pooled investor funds with at least $50 million in assets that are partnerships, corporations, or real estate investment trusts, with exceptions for certain non-profits and home builders. This tax applies to acquisitions made after the bill's enactment, unless the property is immediately occupied as a principal residence by an owner of the hedge fund taxpayer and is not rented or leased. The bill also introduces a 5% corporate surtax on hedge fund taxpayers starting in 2035 and disallows deductions for mortgage interest and depreciation on single-family residences owned by hedge fund taxpayers engaged in the business of renting or leasing them, effective from 2030, and also disallows qualified business income deductions for such activities from 2035.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/3930/all-info