To reduce the excessive appreciation of United States residential real estate due to foreign purchases.
About This Bill
Committee
Latest Action · May 18, 2023
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.
Home Advantage for American Families Act
This bill requires any foreign person involved in a transaction related to the sale of residential property located in any of the 15 largest metropolitan statistical areas by population to report to the Department of the Treasury information for identifying the person purchasing the property, the amount and source of the funds received by the seller, the date and nature of the transaction, and other information deemed necessary.
The bill also increases (1) from 15% to 30% the rate of withholding on the sales proceeds of U.S. real property interests, and (2) the low-income housing tax credit state ceiling.
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