I 
118TH CONGRESS 
2D SESSION H. R. 10028 
To amend the Internal Revenue Code of 1986 to disallow the deduction 
of certain expenses relating to ownership of single-family homes by speci-
fied large investors, to impose an excise tax on the sale of such homes 
by such investors, and to prohibit Federal mortgage assistance relating 
to certain large investors. 
IN THE HOUSE OF REPRESENTATIVES 
OCTOBER 22, 2024 
Mr. KHANNA (for himself, Ms. PORTER, Mr. TAKANO, Mr. GRIJALVA, Mr. 
FROST, Mrs. CHERFILUS-MCCORMICK, Mrs. WATSON COLEMAN, Mr. 
JACKSON of Illinois, Mr. DELUZIO, and Ms. LEE of California) intro-
duced 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 com-
mittee concerned 
A BILL 
To amend the Internal Revenue Code of 1986 to disallow 
the deduction of certain expenses relating to ownership 
of single-family homes by specified large investors, to 
impose an excise tax on the sale of such homes by 
such investors, and to prohibit Federal mortgage assist-
ance relating to certain large investors. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Stop Wall Street Land-
lords Act of 2024’’. 
SEC. 2. DISALLOWANCE OF DEDUCTION OF CERTAIN EX-
PENSES RELATED TO SINGLE-FAMILY HOMES 
HELD BY SPECIFIED LARGE INVESTORS. 
(a) IN GENERAL.—Part IX of subchapter B of Chap-
ter 1 of subtitle A of the Internal Revenue Code of 1986 
is amended by adding at the end the following new section: 
‘‘SEC. 280I. CERTAIN EXPENSES RELATED TO SINGLE-FAM-
ILY HOMES HELD BY SPECIFIED LARGE IN-
VESTORS. 
‘‘(a) IN GENERAL.—In the case of a specified large 
investor, no deduction shall be allowed under this chapter 
for the following expenses relating to the ownership of a 
single-family home: 
‘‘(1) Amounts paid or incurred for the interest 
on a mortgage relating to such single-family home or 
to insure such single-family home. 
‘‘(2) Depreciation of such single-family home. 
‘‘(b) SPECIFIED LARGE INVESTOR.—For purposes of 
this section— 
‘‘(1) IN GENERAL.—The term ‘specified large 
investor’ means any person for any taxable year if 
the aggregate fair market value of all assets of such 
person (reduced by the aggregate debts of the tax-
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payer) exceeds $100,000,000 at any time during 
such taxable year. 
‘‘(2) TREATMENT OF CONTROLLED GROUPS.— 
For purposes of this subsection— 
‘‘(A) IN GENERAL.—All persons which are 
part of a controlled group (within the meaning 
of section 1563(a) applied by substituting ‘more 
than 50 percent’ for ‘at least 80 percent’ each 
place it appears) shall be treated as 1 person. 
‘‘(B) NONINCORPORATED PERSONS UNDER 
COMMON
CONTROL.—Under 
regulations 
or 
other guidance provided by the Secretary, prin-
ciples similar to the principles of subparagraph 
(A) shall apply to a group of persons under 
common control where 1 or more of such per-
sons is not a corporation. 
‘‘(3) GOVERNMENT
ENTITIES
AND
CERTAIN 
TAX-EXEMPT
ENTITIES.—Such term shall not in-
clude either of the following: 
‘‘(A) Any governmental entity. 
‘‘(B) Any organization which is described 
in section 501(c)(3) and exempt from tax under 
section 501(a). 
‘‘(c) SINGLE-FAMILY HOME.— 
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‘‘(1) IN GENERAL.—For purposes of this sec-
tion, the term ‘single-family home’ means any real 
property located in the United States if such prop-
erty includes at least 1 dwelling unit and not more 
than 4 dwelling units. 
‘‘(2) EXCEPTION
FOR
FEDERALLY-ASSISTED 
BUILDINGS.—For purposes of this section— 
‘‘(A) IN GENERAL.—Such term shall not 
include any federally-assisted building. 
‘‘(B) FEDERALLY-ASSISTED
BUILDING.— 
The term ‘federally-assisted building’ means 
any building— 
‘‘(C) which is substantially assisted, fi-
nanced, or operated under section 8 of the 
United States Housing Act of 1937, section 
221(d)(3), 221(d)(4), or 236 of the National 
Housing Act, section 515 of the Housing Act of 
1949, or any other housing program adminis-
tered by the Department of Housing and Urban 
Development or by the Rural Housing Service 
of the Department of Agriculture, 
‘‘(D) with respect to which a credit is al-
lowed to the taxpayer under section 42, or 
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