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Home Advantage for American Families Act of 2023

USA118th CongressS-551| Senate 
| Updated: 2/28/2023
Marco Rubio

Marco Rubio

Republican Senator

Florida

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Home Advantage for American Families Act of 2023 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 sales proceeds of certain residential real property, and (2) the low-income housing tax credit state ceiling.
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Timeline

Bill from Previous Congress

S 116-3495
Home Advantage for American Families Act

Bill from Previous Congress

S 117-703
Home Advantage for American Families Act
Feb 28, 2023
Introduced in Senate
Feb 28, 2023
Read twice and referred to the Committee on Finance.
May 18, 2023

Latest Companion Bill Action

HR 118-3533
Introduced in House
  • Bill from Previous Congress

    S 116-3495
    Home Advantage for American Families Act


  • Bill from Previous Congress

    S 117-703
    Home Advantage for American Families Act


  • February 28, 2023
    Introduced in Senate


  • February 28, 2023
    Read twice and referred to the Committee on Finance.


  • May 18, 2023

    Latest Companion Bill Action

    HR 118-3533
    Introduced in House

Taxation

Related Bills

  • HR 118-3533: Home Advantage for American Families Act
Foreign propertyGovernment information and archivesHousing finance and home ownershipIncome tax creditsLow- and moderate-income housingReal estate businessTax administration and collection, taxpayersU.S. and foreign investments

Home Advantage for American Families Act of 2023

USA118th CongressS-551| Senate 
| Updated: 2/28/2023
Home Advantage for American Families Act of 2023 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 sales proceeds of certain residential real property, and (2) the low-income housing tax credit state ceiling.
View Full Text

Suggested Questions

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

Timeline

Bill from Previous Congress

S 116-3495
Home Advantage for American Families Act

Bill from Previous Congress

S 117-703
Home Advantage for American Families Act
Feb 28, 2023
Introduced in Senate
Feb 28, 2023
Read twice and referred to the Committee on Finance.
May 18, 2023

Latest Companion Bill Action

HR 118-3533
Introduced in House
  • Bill from Previous Congress

    S 116-3495
    Home Advantage for American Families Act


  • Bill from Previous Congress

    S 117-703
    Home Advantage for American Families Act


  • February 28, 2023
    Introduced in Senate


  • February 28, 2023
    Read twice and referred to the Committee on Finance.


  • May 18, 2023

    Latest Companion Bill Action

    HR 118-3533
    Introduced in House
Marco Rubio

Marco Rubio

Republican Senator

Florida

Finance Committee

Taxation

Related Bills

  • HR 118-3533: Home Advantage for American Families Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Foreign propertyGovernment information and archivesHousing finance and home ownershipIncome tax creditsLow- and moderate-income housingReal estate businessTax administration and collection, taxpayersU.S. and foreign investments