,,ii #aafth ,,congress #b;d ,session ,s4 #cdie ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,march #ab1 #bjbj,mr4 ,rubio introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to reduce the excessive appreciation of ,united ,states residential real estate due to foreign purchases4 #a4 ,short title ,this ,act may be cited as the ,home ,advantage for ,american ,families ,act4 #b4 ,expansion of tools to combat money laundering 7a7 ,in general ,subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 #eccc4 ,reports on applicable residential property 7a7 ,definitions ,in this section3 7#a7 ,applicable residential property ,the term applicable residential property means property described in section #adde7;f7 of the ,internal ,revenue ,code of #aihf and which is located in any of the #ae largest metropolitan statistical areas by population 7as determined by the ,office of ,management and ,budget74 7#b7 ,foreign person ,the term foreign person means any person that is not a citizen or permanent resident of the ,united ,states4 7#c7 ,sale of applicable residential property ,the term sale of applicable residential property means the sale of an interest in applicable residential property4 7b7 ,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-- 7#a7 the name and any other identification information that the ,secretary determines is necessary of the individual purchasing the applicable residential property2 7#b7 the amount and source of the funds received by the seller1 as determined by the ,secretary2 7#c7 the date and nature of the transaction2 and 7#d7 any other information1 including the identification of the person filing the report1 that the ,secretary determines is necessary4 7c7 ,regulations ,not later than #ahj days after the date of enactment of this section1 the ,secretary shall promulgate regulations carrying out this section4 4 7b7 ,technical and conforming amendment ,the table of sections for chapter #ec of title #ca1 ,united ,states ,code1 is amended by adding at the end the following3 #eccc4 ,reports on applicable residential property4 4 7c7 ,list of top #ae largest metropolitan statistical areas ,not less than every #e years1 the ,director of the ,office of ,management and ,budget shall update the list of the #ae largest metropolitan statistical areas by population4 #c4 ,increased withholding on sale disposition of certain ,united ,states real property interests 7a7 ,in general ,section #adde of the ,internal ,revenue ,code of #aihf is amended by redesignating subsection 7f7 as subsection 7g7 and by inserting after subsection 7e7 the following new subsection3 7f7 ,special rule for certain dispositions of residential real property 7#a7 ,in general ,in the case of the disposition of any applicable residential property1 subsection 7a7 shall be applied by substituting #cj percent for #ae percent4 7#b7 ,applicable residential property ,for purposes of this subsection1 the term applicable residential property means any interest which-- 7,a7 is an interest described in section #hig7;c77#a77;,a77i71 and 7,b7 is an interest in residential real property4 4 7b7 ,effective date ,the amendments made by subsection 7a7 shall apply to dispositions after the date which is #fj days after the date of the enactment of this ,act4 #d4 ,increase in low-income housing tax credit ,state ceiling 7a7 ,in general ,section #db7;h77#c77;,c7 of the ,internal ,revenue ,code of #aihf is amended by striking plus at the end of clause 7iii71 by striking the period at the end of clause 7iv7 and inserting 1 plus1 and by inserting after clause 7iv7 the following3 7v7 the qualified single-family housing amount determined under subparagraph 7,j74 4 7b7 ,qualified single-,family housing amount 7#a7 ,in general ,section #db7;h77#c7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subparagraph3 7,j7 ,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-- 7i7 #aj percent of the amount determined under subparagraph 7,c77ii7 for such calendar year 7determined after application of subparagraphs 7,h7 and 7,i771 7ii7 the excess 7if any7 of the amount described in clause 7i7 for the preceding calendar year over the amounts allocated to projects described in paragraph 7#i7 for such preceding calendar year1 7iii7 the amount allocated within the ,state 7not in excess of the amount determined under this subparagraph for the preceding calendar year reduced by the amount described in clause 7ii7 for the second preceding calendar year7 for any project-- 7,i7 which is described in paragraph 7#i7 and which fails to meet the #aj percent test under paragraph 7#a77;,e77ii7 on a date after the close of the calendar year in which the allocation was made1 7,,ii7 which does not become a qualified low-income housing project described in paragraph 7#i7 within the period required by this section or the terms of the allocation1 or 7,,iii7 which is described in paragraph 7#i7 and with respect to which an allocation is cancelled by mutual consent of the housing credit agency and the allocation recipient1 plus 7iv7 the amount1 if any1 determined under subparagraph 7,d71 applied-- 7,i7 by substituting unused qualified single-family housing carryover for unused housing credit carryover in clause 7i7 thereof1 7,,ii7 without regard to clause 7ii7 thereof1 7,,iii7 by substituting unused qualified single-family housing carryovers for unused housing credit carryovers in clause 7iii7 thereof1 and 7,,iv7 by substituting an amount equal to its entire qualified single-family housing amount to projects described in paragraph 7#i7 for entire ,state housing credit ceiling 7determined without regard to amounts described in subparagraph 7,c77v77 in clause 7iv77,i7 thereof4 4 7#b7 ,conforming amendments 7,a7 ,section #db7;h77#c77;,c7 of such ,code is amended by inserting 7other than amounts allocated from the qualified single-family housing amount7 after the housing credit dollar amount previously allocated within the ,state4 7,b7 ,section #db7;h77#c77;,d7 of such ,code is amended by inserting 7determined without regard to amounts described in subparagraph 7,c77v77 after entire ,state housing credit ceiling4 7c7 ,set aside of increased amounts ,section #db7;h7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new paragraph3 7#i7 ,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 #a to #d dwelling units that are located in qualified census tracts 7as defined in subsection 7d77#e77;,b77i774 4 7d7 ,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 ,act4