I 

118TH CONGRESS 

1ST SESSION H. R. 6630 

To prohibit individuals and entities from owning more than 75 single-family 

residences, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 6, 2023 

Mr. JACKSON of North Carolina (for himself and Ms. ADAMS) introduced the 

following bill; which was referred to the Committee on Ways and Means, 

and in addition to the Committee on Financial Services, for a period to 

be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee 

concerned 

A BILL 

To prohibit individuals and entities from owning more than 

75 single-family residences, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘American Neighbor5 hoods Protection Act of 2023’’. 

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1 SEC. 2. EXCISE TAX ON CERTAIN TAXPAYERS FAILING TO 

2 SELL EXCESS SINGLE-FAMILY RESIDENCES. 

3 (a) IN GENERAL.—Subtitle D of the Internal Rev4 enue Code of 1986 is amended by adding at the end the 

5 following new chapter: 

6 ‘‘CHAPTER 50B—EXCESS SINGLE-FAMILY 

7 RESIDENCES 

‘‘Sec. 5000E. Excess single-family residences. 

8 ‘‘SEC. 5000E. EXCESS SINGLE-FAMILY RESIDENCES. 

9 ‘‘(a) IN GENERAL.—There is hereby imposed on each 

10 covered taxpayer for each taxable year a tax in an amount 

11 equal to the product of— 

12 ‘‘(1) $10,000, and 

13 ‘‘(2) the excess of— 

14 ‘‘(A) the number of single-family resi15 dences owned by the taxpayer as of the last day 

16 of the taxable year, over 

17 ‘‘(B) 75. 

18 ‘‘(b) COVERED TAXPAYER.—For purposes of this sec19 tion— 

20 ‘‘(1) IN GENERAL.—The term ‘covered tax21 payer’ means a taxpayer that is not— 

22 ‘‘(A) a mortgage note holder that owns a 

23 single-family residence through foreclosure, 

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1 ‘‘(B) a organization which is described in 

2 subsection 501(c)(3) and exempt from tax 

3 under section 501(a), 

4 ‘‘(C) a person primarily engaged in the 

5 construction or rehabilitation of single-family 

6 residences, or 

7 ‘‘(D) a person who owns federally sub8 sidized housing. 

9 ‘‘(2) AGGREGATION RULES.— 

10 ‘‘(A) IN GENERAL.—For purposes of this 

11 section, all persons which are treated as a sin12 gle employer under subsections (a) and (b) of 

13 section 52 shall be treated as a single taxpayer. 

14 ‘‘(B) MODIFICATIONS.—For purposes of 

15 this paragraph— 

16 ‘‘(i) section 52(a) shall be applied by 

17 substituting ‘component members’ for 

18 ‘members’, and 

19 ‘‘(ii) for purposes of applying sub20 section (b), the term ‘trade or business’ 

21 shall include any activity treated as a trade 

22 or business under paragraph (5) or (6) of 

23 subsection (c) (determined without regard 

24 to the phrase ‘to the extent provided in 

25 regulations’ in such paragraph (6)). 

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1 ‘‘(C) COMPONENT MEMBER.—For pur2 poses of this paragraph, the term ‘component 

3 member’ has the meaning given such term by 

4 section 1563(b), except that the determination 

5 shall be made without regard to subsection 

6 (b)(2). 

7 ‘‘(c) OTHER RULES AND DEFINITIONS.—For pur8 poses of this section: 

9 ‘‘(1) SINGLE-FAMILY RESIDENCE.—The term 

10 ‘single-family residence’ means a residential property 

11 consisting not more than 4 dwelling units. 

12 ‘‘(2) OWN.— 

13 ‘‘(A) IN GENERAL.—The term ‘own’, with 

14 respect to a single-family residence, means hav15 ing a direct majority ownership interest in the 

16 single-family residence. 

17 ‘‘(B) SPECIAL RULE FOR CERTAIN

18 SALES.— 

19 ‘‘(i) IN GENERAL.—Notwithstanding 

20 subparagraph (A), for purposes of sub21 sections (a)(2)(A), any single-family resi22 dence which is owned by a covered tax23 payer as of the first day of the taxable 

24 year and which is sold or transferred dur25 ing such taxable year by the covered taxVerDate Sep 11 2014 18:40 Jan 09, 2024 Jkt 049200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H6630.IH H6630
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1 payer in a sale or transfer described in 

2 clause (ii) shall be treated as a single-fam3 ily residence which is owned by the covered 

4 taxpayer as of the last day of such taxable 

5 year. 

6 ‘‘(ii) SALES DESCRIBED.—A sale or 

7 transfer is described in this clause if such 

8 sale or transfer is a sale or transfer to— 

9 ‘‘(I) a corporation or entity en10 gaged in a trade or business, 

11 ‘‘(II) a group of more than 2 in12 dividuals, or 

13 ‘‘(III) a person who owns any 

14 other single-family residence at the 

15 time of such sale. 

16 ‘‘(d) REPORTING.— 

17 ‘‘(1) IN GENERAL.—The Secretary shall require 

18 such reporting as the Secretary determines nec19 essary or appropriate to carry out the purposes of 

20 this section, including requiring a certification of the 

21 following from each purchaser or transferee of a sin22 gle-family residence: 

23 ‘‘(A) The name and address of the pur24 chaser or transferee. 

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1 ‘‘(B) Identify whether the sale is a sale de2 scribed in subsection (c)(2)(B)(ii) of the Inter3 nal Revenue Code 1986. 

4 ‘‘(2) FAILURE TO REPORT.— 

5 ‘‘(A) IN GENERAL.—Any person who fails 

6 to report information required under paragraph 

7 (1) or who fails to include correct information 

8 in such report shall pay a penalty of $50,000. 

9 ‘‘(B) REASONABLE CAUSE WAIVER.—No 

10 penalty shall be imposed under this paragraph 

11 with respect to any failure if it is shown that 

12 such failure is due to reasonable cause and not 

13 to willful neglect. 

14 ‘‘(C) TREATMENT OF PENALTY.—The pen15 alty under this paragraph shall be paid upon 

16 notice and demand by the Secretary, and shall 

17 be assessed and collected in the same manner 

18 as an assessable penalty under subchapter B of 

19 chapter 68.’’. 

20 (b) CLERICAL AMENDMENT.—The table of chapters 

21 for subtitle D of the Internal Revenue Code of 1986 is 

22 amended by adding at the end the following new item: 

‘‘CHAPTER 50B—EXCESS SINGLE-FAMILY RESIDENCES’’. 

23 (c) EFFECTIVE DATE.—The amendments made by 

24 this section shall apply to taxable years beginning after 

25 December 31, 2023. 

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1 SEC. 3. USE OF TAX REVENUES FOR DOWN PAYMENT AS2 SISTANCE GRANTS. 

3 (a) ESTABLISHMENT OF HOUSING TRUST FUND.— 

4 (1) IN GENERAL.—Subchapter A of chapter 98 

5 of the Internal Revenue Code of 1986 is amended by 

6 adding at the end the following new section: 

7 ‘‘SEC. 9512. HOUSING TRUST FUND. 

8 ‘‘(a) CREATION OF TRUST FUND.—There is estab9 lished in the Treasury of the United States a trust fund 

10 to be known as the Housing Trust Fund (hereinafter in 

11 this section referred to as the ‘Trust Fund’), consisting 

12 of such amounts as may be appropriated or credited to 

13 such Trust Fund as provided in this section and section 

14 9602(b). 

15 ‘‘(b) TRANSFERS TO TRUST FUND.—There are here16 by appropriated to the Housing Trust Fund amounts 

17 equivalent to revenues received in the Treasury from the 

18 tax imposed by section 5000E. 

19 ‘‘(c) EXPENDITURES FROM TRUST FUND.—Amounts 

20 in the Housing Trust Fund shall be available, as provided 

21 in appropriations Acts, only for grants under section 3(b) 

22 of the American Neighborhoods Protection Act of 2023.’’. 

23 (2) CLERICAL AMENDMENT.—The table of sec24 tions for subchapter A of chapter 98 of the Internal 

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1 Revenue Code of 1986 is amended by adding at the 

2 end the following new item: 

‘‘Sec. 9512. Housing Trust Fund.’’. 

3 (b) GRANTS PROGRAM FOR DOWN PAYMENT ASSIST4 ANCE PROGRAMS.— 

5 (1) ESTABLISHMENT.—The Secretary of Hous6 ing and Urban Development shall establish a pro7 gram under which the Secretary makes grants to 

8 State housing finance agencies to establish new or 

9 supplement existing programs that provide down 

10 payment assistance to families purchasing homes 

11 within the State. 

12 (2) PRIORITY.—A State housing finance agency 

13 that receives a grant under this section shall give 

14 priority to families seeking assistance to purchase 

15 any single-family residence that is sold or trans16 ferred by a covered taxpayer (as defined in section 

17 5000E(b) of the Internal Revenue Code of 1986, as 

18 added by section 2). 

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