(2) by adding at the end the following new 
paragraph: 
‘‘(22) The chairman of the advisory board es-
tablished by section 207.’’. 
SEC. 504. DIRECTOR. 
Subsection (a) of section 204 of the McKinney-Vento 
Homeless Assistance Act (42 U.S.C. 11314(a)) is amend-
ed— 
(1) by striking ‘‘(a) DIRECTOR.—The Council 
shall appoint an Executive Director, who shall be’’ 
and inserting the following: 
‘‘(a) DIRECTOR.— 
‘‘(1) IN GENERAL.—The chief executive officer 
of the Council shall be the Executive Director, who 
shall be appointed in accordance with paragraph (2) 
and’’; and 
(2) by adding at the end the following new 
paragraph: 
‘‘(2) PROCESS FOR APPOINTMENT.—A vacancy 
in the position of Executive Director shall be filled 
by an individual nominated and appointed to such 
position by the Council, except that the Council may 
not appoint any nominee who is not confirmed by 
approval of 75 percent of the aggregate of all mem-
bers of the Council and the advisory board under 
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section 207 pursuant to an election in which each 
such member’s vote is given identical weight. If the 
Council is unable to agree on an Executive Director, 
the chairperson of the advisory council shall act as 
interim Executive Director.’’. 
SEC. 505. CONFORMING AMENDMENT. 
The table of contents in section 101(b) of the McKin-
ney-Vento Homeless Assistance Act (42 U.S.C. 11301 
note) is amended by striking the items relating to sections 
209 and 210 and inserting the following: 
‘‘Sec. 209. Encouragement of State involvement.’’. 
TITLE 
VI—REVENUE 
RELATED 
TO HOUSING SPECULATION 
AND DISPLACEMENT 
SEC. 601. AMENDMENTS TO THE TAX CODE. 
(a) IN GENERAL.—Subtitle D of the Internal Rev-
enue Code of 1986 is amended by adding at the end the 
following new chapter: 
‘‘CHAPTER 50B—REAL PROPERTY- 
RELATED TAXES 
‘‘Sec. 5000E–1. Luxury real property transfers. 
‘‘Sec. 5000E–2. Real property secrecy transfer tax. 
‘‘Sec. 5000E–3. Mass landlord rental tax. 
‘‘SEC. 5000E–1. LUXURY REAL PROPERTY TRANSFERS. 
‘‘(a) IN GENERAL.—There is hereby imposed on the 
sale or exchange of real property a tax equal to 5 percent 
of the amount realized from such sale or exchange. 
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‘‘(b) LIMITATION.—The tax imposed by this section 
shall not apply to a sale or exchange of property unless 
the amount realized from such sale or exchange (or from 
a series of related sales or exchanges of which such prop-
erty is a part) is at least $10,000,000. 
‘‘(c) LIABILITY FOR TAX.— 
‘‘(1) IN GENERAL.—The tax imposed by this 
section shall be paid 1⁄2 by the transferor and 1⁄2 by 
the transferee. 
‘‘(2) EXCEPTIONS.— 
‘‘(A) PROPERTY
TRANSFERRED
TO
TAX- 
EXEMPT.—In the case of property transferred 
to a tax exempt entity, or a State or local gov-
ernment (or political subdivision thereof), the 
tax imposed by this section shall be zero. 
‘‘(B) PROPERTY
TRANSFERRED
BY
TAX- 
EXEMPT.—In the case of property transferred 
by a tax-exempt entity, or a State or local gov-
ernment (or political subdivision thereof), the 
tax imposed by this section shall be paid by the 
transferee. 
‘‘(C) TAX EXEMPT ENTITY.—For purposes 
of this section, the term ‘tax-exempt entity’ 
means any organization which is exempt from 
the tax imposed by this chapter unless such 
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property is used predominantly in an unrelated 
trade or business the income of which is subject 
to tax under section 511. 
‘‘(d) REGULATIONS.—The Secretary shall prescribe 
such rules as may be necessary or appropriate to prevent 
avoidance of the purposes of this section. 
‘‘SEC. 5000E–2. REAL PROPERTY SECRECY TRANSFER TAX. 
‘‘(a) IN GENERAL.—In the case of a sale or exchange 
of real property to or from an applicable anonymous enti-
ty, there is hereby imposed on such transfer a tax equal 
to $10 for each $100 realized on such sale or exchange. 
‘‘(b) APPLICABLE ANONYMOUS TAXPAYER.— 
‘‘(1) IN GENERAL.—For purposes of this sec-
tion, the term ‘applicable anonymous entity’ means 
any entity or trust the beneficial owners of which 
are not available by freely accessible public records. 
‘‘(2) BENEFICIAL
OWNER.—The term ‘bene-
ficial owner’ means, with respect to any entity, an 
individual who has any ownership interest in the en-
tity and— 
‘‘(A) exercises control over the entity, 
‘‘(B) owns equity interest in such entity, or 
‘‘(C) receives substantial economic benefits 
from such entity (other than in connection with 
employment). 
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‘‘(3) SPECIAL RULE FOR ENTITIES REGISTERED 
IN GLOBAL LEGAL IDENTIFIER PROGRAM.— 
‘‘(A) IN
GENERAL.—Paragraph (1) shall 
not apply to any entity that participates in the 
legal entity identifier program. 
‘‘(B) CONTROLLED GROUPS.—In the case 
of any persons treated as a single employer 
under subsection (a) or (b) of section 52, or 
subsection (m) or (o) of section 414, subpara-
graph (A) shall only apply if each such person 
so treated participates in the legal entity identi-
fier program. 
‘‘(c) LIABILITY FOR TAX.— 
‘‘(1) IN GENERAL.—Each applicable anonymous 
entity who transfers or receives property in a sale or 
exchange to which this section applies shall be joint-
ly and severally liable for payment of the tax im-
posed by this section. 
‘‘(2) MEMBERS
OF
CONTROLLED
GROUP.—If 
such an applicable anonymous entity is a member of 
a controlled group, each member of such controlled 
group shall be jointly and severally liable for such 
payment. 
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