This bill introduces significant tax changes targeting hedge fund taxpayers involved in the acquisition and ownership of single-family residences. A core provision establishes a 15 percent excise tax on the purchase price of any newly acquired single-family residence by a hedge fund taxpayer. This tax applies to residential properties with one to four dwelling units, unless the property is used as a principal residence by an owner of the hedge fund and is not rented or leased. The legislation defines a "hedge fund taxpayer" as an entity, such as a partnership, corporation, or real estate investment trust, that manages pooled funds from investors, has at least $50 million in net value or assets under management, and acts as a fiduciary. However, it exempts 501(c)(3) non-profits and entities primarily engaged in construction or rehabilitation that sell residences in the ordinary course of business. Beyond the excise tax, the bill implements additional financial disincentives. It imposes a 5 percentage point increase on the corporate tax rate for hedge fund taxpayers, effective for taxable years beginning after December 31, 2035. Moreover, for hedge fund taxpayers in the trade or business of renting or leasing single-family residences, the bill disallows deductions for mortgage interest on acquisition indebtedness and depreciation for such properties, effective for taxable years beginning after December 31, 2030. Finally, the bill amends the Internal Revenue Code to exclude any trade or business conducted by these specific hedge fund taxpayers from being considered a qualified trade or business for the purpose of the qualified business income (QBI) deduction . This change is slated to take effect for taxable years beginning after December 31, 2035, aiming to reduce the financial advantages for hedge funds in the housing market.