Legis Daily

To amend the Internal Revenue Code of 1986 to impose an excise tax on the acquisition of single-family homes by certain large investors.

USA117th CongressHR-8582| House 
| Updated: 7/28/2022
Adam Smith

Adam Smith

Democratic Representative

Washington

Cosponsors (8)
Ruben Gallego (Democratic)Raúl M. Grijalva (Democratic)Ro Khanna (Democratic)Kathy Castor (Democratic)Janice D. Schakowsky (Democratic)Jamaal Bowman (Democratic)Katie Porter (Democratic)Mike Levin (Democratic)

Ways and Means Committee, Financial Services Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
This bill imposes a 100% excise tax on the purchase of a single-family home by a specified large investor (i.e., any person, other than a tax-exempt charitable organization or a governmental entity, with assets having a fair market value exceeding $20 million). The tax does not apply if the home is used as the principal residence of the investor or the sale to the investor is pursuant to a governmental program for providing housing to low-income individuals.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 28, 2022
Introduced in House
Jul 28, 2022
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.
  • July 28, 2022
    Introduced in House
  • July 28, 2022
    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.

Taxation

To amend the Internal Revenue Code of 1986 to impose an excise tax on the acquisition of single-family homes by certain large investors.

USA117th CongressHR-8582| House 
| Updated: 7/28/2022
This bill imposes a 100% excise tax on the purchase of a single-family home by a specified large investor (i.e., any person, other than a tax-exempt charitable organization or a governmental entity, with assets having a fair market value exceeding $20 million). The tax does not apply if the home is used as the principal residence of the investor or the sale to the investor is pursuant to a governmental program for providing housing to low-income individuals.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 28, 2022
Introduced in House
Jul 28, 2022
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.
  • July 28, 2022
    Introduced in House
  • July 28, 2022
    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.
Adam Smith

Adam Smith

Democratic Representative

Washington

Cosponsors (8)
Ruben Gallego (Democratic)Raúl M. Grijalva (Democratic)Ro Khanna (Democratic)Kathy Castor (Democratic)Janice D. Schakowsky (Democratic)Jamaal Bowman (Democratic)Katie Porter (Democratic)Mike Levin (Democratic)

Ways and Means Committee, Financial Services Committee

Taxation

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted