To amend the Internal Revenue Code of 1986 to impose an excise tax on the acquisition of single-family homes by certain large investors.

To amend the Internal Revenue Code of 1986 to impose an excise tax on the acquisition of single-family homes by certain large investors. 1. Excise tax on acquisitions of single-family homes by certain large investors (a) In general Chapter 36 E Acquisition of single-Family homes by large investors Sec. 4491. Tax on acquisition of single-family homes by certain large investors. 4491. Tax on acquisition of single-family homes by certain large investors (a) Tax imposed In the case of the sale of any single-family home to a specified large investor, there is hereby imposed a tax equal to 100 percent of the amount paid for such home. (b) By whom paid The tax imposed under subsection (a) shall be paid by the specified large investor. (c) Single-Family home For purposes of this section, the term single-family home (d) Specified large investor For purposes of this section, the term specified large investor (e) Exceptions (1) Principal residence In the case of a specified large investor who is an individual, subsection (a) shall not apply to the sale of any single-family home to such specified large investor if such home is used as the principal residence of such investor. (2) Low-income housing programs Subsection (a) shall not apply to the sale of any single-family home to a specified large investor if the acquisition of such home by such investor is pursuant to a governmental program the purpose of which is to provide housing to low-income individuals. (f) Controlled groups For purposes of subsection (d)— (1) Corporations (A) In general All persons treated as a controlled group shall be treated as 1 person. (B) Controlled group The term controlled group more than 50 percent at least 80 percent (2) Nonincorporated persons under common control Under regulations prescribed by the Secretary, principles similar to the principles of paragraph (1) shall apply to a group of persons under common control where 1 or more of such persons is not a corporation. (g) Transfer of revenues to the housing trust fund (1) In general There are hereby appropriated to the Housing Trust Fund established under section 1338 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 amounts equivalent to the taxes received in the Treasury under this section. (2) Administration of transfers Rules similar to the rules of section 9601 shall apply for purposes of this subsection. . (b) Clerical amendment The table of subchapters for chapter 36 of such Code is amended by adding at the end the following new item: Subchapter E. Acquisition of single-family homes by large investors. . (c) Annual report With respect to each calendar year beginning after the date of the enactment of this Act, the Secretary of Housing and Urban Development shall make publicly available an annual report which evaluates the trends in purchases of single-family homes (as defined in section 4491(c) (d) Effective date The amendments made by this section shall apply to sales after the date of the enactment of this Act.

Summary: This bill imposes a 100% excise tax on the purchase of a single-family home by a specified large investor (i.e., any person, other than a tax-exempt charitable organization or a governmental entity, with assets having a fair market value exceeding $20 million). The tax does not apply if the home is used as the principal residence of the investor or the sale to the investor is pursuant to a governmental program for providing housing to low-income individuals.