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.
This bill would impose a $10,000 annual tax on individuals and corporations that own more than 75 single-family homes, beginning in 2026. The tax applies to any person or entity holding a majority stake in residential properties with up to four dwelling units, though it exempts mortgage lenders in foreclosure, nonprofits, homebuilders, and operators of federally subsidized housing. To enforce compliance, the bill requires home sellers and title companies to report whether buyers are corporations, entities in business, or individuals who already own other properties—with a $50,000 penalty for failure to report accurately. Revenues generated from the excess-property tax would be deposited into a newly created Housing Trust Fund and distributed as grants to state housing finance agencies to fund down payment assistance programs for home buyers, with priority given to families purchasing properties sold by owners subject to the tax. The legislation aims to reduce corporate and investor ownership of single-family homes and increase homeownership opportunities for individual buyers.
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