[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3533 Introduced in House (IH)]
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118th CONGRESS
1st Session
H. R. 3533
To reduce the excessive appreciation of United States residential real
estate due to foreign purchases.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 18, 2023
Ms. Salazar introduced the following bill; which was 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
_______________________________________________________________________
A BILL
To reduce the excessive appreciation of United States residential real
estate due to foreign purchases.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Home Advantage for American Families
Act''.
SEC. 2. EXPANSION OF TOOLS TO COMBAT MONEY LAUNDERING.
(a) In General.--Subchapter II of chapter 53 of title 31, United
States Code, is amended by adding at the end the following:
``Sec. 5337. Reports on applicable residential property
``(a) Definitions.--In this section:
``(1) Applicable residential property.--The term
`applicable residential property' means property described in
section 1445(f) of the Internal Revenue Code of 1986 and which
is located in any of the 15 largest metropolitan statistical
areas by population (as determined by the Office of Management
and Budget).
``(2) Foreign person.--The term `foreign person' means any
person that is not a citizen or permanent resident of the
United States.
``(3) Sale of applicable residential property.--The term
`sale of applicable residential property' means the sale of an
interest in applicable residential property.
``(b) Reports.--Any foreign person involved in a transaction
related to the sale of applicable residential property shall submit to
the Secretary of the Treasury a report with respect to the transaction
or any related transaction that contains--
``(1) the name and any other identification information
that the Secretary determines is necessary of the individual
purchasing the applicable residential property;
``(2) the amount and source of the funds received by the
seller, as determined by the Secretary;
``(3) the date and nature of the transaction; and
``(4) any other information, including the identification
of the person filing the report, that the Secretary determines
is necessary.
``(c) Regulations.--Not later than 180 days after the date of
enactment of this section, the Secretary shall promulgate regulations
carrying out this section.''.
(b) Technical and Conforming Amendment.--The table of sections for
chapter 53 of title 31, United States Code, is amended by adding at the
end the following:
``5337. Reports on applicable residential property.''.
(c) List of Top 15 Largest Metropolitan Statistical Areas.--Not
less frequently than every 5 years, the Director of the Office of
Management and Budget shall update the list of the 15 largest
metropolitan statistical areas by population.
SEC. 3. INCREASED WITHHOLDING ON SALE DISPOSITION OF CERTAIN UNITED
STATES REAL PROPERTY INTERESTS.
(a) In General.--Section 1445 of the Internal Revenue Code of 1986
is amended by redesignating subsection (f) as subsection (g) and by
inserting after subsection (e) the following new subsection:
``(f) Special Rule for Certain Dispositions of Residential Real
Property.--
``(1) In general.--In the case of the disposition of any
applicable residential property, subsection (a) shall be
applied by substituting `30 percent' for `15 percent'.
``(2) Applicable residential property.--For purposes of
this subsection, the term `applicable residential property'
means any interest which--
``(A) is an interest described in section
897(c)(1)(A)(i), and
``(B) is an interest in residential real
property.''.
(b) Effective Date.--The amendments made by subsection (a) shall
apply to dispositions after the date which is 60 days after the date of
the enactment of this Act.
SEC. 4. INCREASE IN LOW-INCOME HOUSING TAX CREDIT STATE CEILING.
(a) In General.--Section 42(h)(3)(C) of the Internal Revenue Code
of 1986 is amended by striking ``plus'' at the end of clause (iii), by
striking the period at the end of clause (iv) and inserting ``, plus'',
and by inserting after clause (iv) the following:
``(v) the qualified single-family housing
amount determined under subparagraph (J).''.
(b) Qualified Single-Family Housing Amount.--
(1) In general.--Section 42(h)(3) of the Internal Revenue
Code of 1986 is amended by adding at the end the following new
subparagraph:
``(J) Qualified single-family housing amount.--The
qualified single-family housing amount determined under
this subparagraph for any calendar year is an amount
equal to the sum of--
``(i) 10 percent of the amount determined
under subparagraph (C)(ii) for such calendar
year (determined after application of
subparagraphs (H) and (I)),
``(ii) the excess (if any) of the amount
described in clause (i) for the preceding
calendar year over the amounts allocated to
projects described in paragraph (9) for such
preceding calendar year,
``(iii) the amount allocated within the
State (not in excess of the amount determined
under this subparagraph for the preceding
calendar year reduced by the amount described
in clause (ii) for the second preceding
calendar year) for any project--
``(I) which is described in
paragraph (9) and which fails to meet
the 10 percent test under paragraph
(1)(E)(ii) on a date after the close of
the calendar year in which the
allocation was made,
``(II) which does not become a
qualified low-income housing project
described in paragraph (9) within the
period required by this section or the
terms of the allocation, or
``(III) which is described in
paragraph (9) and with respect to which
an allocation is cancelled by mutual
consent of the housing credit agency
and the allocation recipient, plus
``(iv) the amount, if any, determined under
subparagraph (D), applied--
``(I) by substituting `unused
qualified single-family housing
carryover' for `unused housing credit
carryover' in clause (i) thereof,
``(II) without regard to clause
(ii) thereof,
``(III) by substituting `unused
qualified single-family housing
carryovers' for `unused housing credit
carryovers' in clause (iii) thereof,
and
``(IV) by substituting `an amount
equal to its entire qualified single-
family housing amount to projects
described in paragraph (9)' for `entire
State housing credit ceiling
(determined without regard to amounts
described in subparagraph (C)(v))' in
clause (iv)(I) thereof.''.
(2) Conforming amendments.--
(A) Section 42(h)(3)(C) of such Code is amended by
inserting ``(other than amounts allocated from the
qualified single-family housing amount)'' after ``the
housing credit dollar amount previously allocated
within the State''.
(B) Section 42(h)(3)(D) of such Code is amended by
inserting ``(determined without regard to amounts
described in subparagraph (C)(v))'' after ``entire
State housing credit ceiling''.
(c) Set Aside of Increased Amounts.--Section 42(h) of the Internal
Revenue Code of 1986 is amended by adding at the end the following new
paragraph:
``(9) Set aside of qualified single-family housing
amount.--The portion of the State housing credit ceiling which
is equal to the qualified single-family housing amount for any
calendar year shall be allocated to projects consisting of 1 to
4 dwelling units that are located in qualified census tracts
(as defined in subsection (d)(5)(B)(i)).''.
(d) Effective Date.--The amendments made by this section shall
apply to allocations made for calendar years beginning after the date
of the enactment of this Act.
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