S. 3673 · 118th Congress
Affordable Housing and Homeownership Protection Act of 2024
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Never voted on. It didn't reach a floor vote before the 118th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
ReedSponsor7 cosponsors · 7 D
6 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill imposes an excise tax on a percentage of the price paid by certain investors for the purchase of single-family homes in a taxable year. The amount of the percentage, either 1%, 3%, or 5%, is based on the number of homes owned by an investor.
What it does: CRS summary · Introduced in Senate · Jan 25, 2024
Affordable Housing and Homeownership Protection Act of 2024
This bill imposes an excise tax on a percentage of the price paid by certain investors for the purchase of single-family homes in a taxable year. The amount of the percentage, either 1%, 3%, or 5%, is based on the number of homes owned by an investor. The tax does not apply to new construction, unless such construction replaces an existing single-family home on the same site.
The bill requires the Department of the Treasury to allocate or transfer tax revenue generated by this bill to provide additional funding for the Housing Trust Fund and the Capital Magnet Fund.
The bill increases from $3 milltion to $7 million the minimum allocation of Housing Trust Funds amounts to states for low-income rental housing or home ownership.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Affordable Housing and Homeownership Protection Act of 2024
Latest action (Mar 12, 2024): Committee on Banking, Housing, and Urban Affairs. Hearings held.
Policy area: Taxation · Origin: Senate · Introduced: Jan 25, 2024
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.