,,ii #aaf? ,,congress #b;d ,session ,s4 #cdie ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,m>* #ab1 #bjbj,mr4 ,rubio introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,f9ance ,a ,,bill ,to r$uce ! excessive appreciation ( ,unit$ ,/ates resid5tial real e/ate due to =eign pur*ases4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,home ,advantage = ,am]ican ,families ,act4 #b4 ,expansion ( tools to combat money laund]+ 7a7 ,9 g5]al ,sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #eccc4 ,reports on applicable resid5tial prop]ty 7a7 ,def9itions ,9 ?is section3 7#a7 ,applicable resid5tial prop]ty ,! t]m applicable resid5tial prop]ty means prop]ty describ$ 9 section #adde7;f7 ( ! ,int]nal ,rev5ue ,code ( #aihf & :i* is locat$ 9 any ( ! #ae l>ge/ metropolitan /ati/ical areas by population 7z det]m9$ by ! ,(fice ( ,managem5t & ,budget74 7#b7 ,=eign p]son ,! t]m =eign p]son means any p]son t is n a citiz5 or p]man5t resid5t ( ! ,unit$ ,/ates4 7#c7 ,sale ( applicable resid5tial prop]ty ,! t]m sale ( applicable resid5tial prop]ty means ! sale ( an int]e/ 9 applicable resid5tial prop]ty4 7b7 ,reports ,any =eign p]son involv$ 9 a transaction relat$ to ! sale ( applicable resid5tial prop]ty %all submit to ! ,secret>y ( ! ,treasury a report ) respect to ! transaction or any relat$ transaction t conta9s-- 7#a7 ! "n & any o!r id5tification in=mation t ! ,secret>y det]m9es is necess>y ( ! individual pur*as+ ! applicable resid5tial prop]ty2 7#b7 ! am\nt & s\rce ( ! funds receiv$ by ! sell]1 z det]m9$ by ! ,secret>y2 7#c7 ! date & nature ( ! transaction2 & 7#d7 any o!r in=mation1 includ+ ! id5tification ( ! p]son fil+ ! report1 t ! ,secret>y det]m9es is necess>y4 7c7 ,regulations ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is section1 ! ,secret>y %all promulgate regulations c>ry+ out ?is section4 4 7b7 ,te*nical & con=m+ am5dm5t ,! table ( sections = *apt] #ec ( title #ca1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+3 #eccc4 ,reports on applicable resid5tial prop]ty4 4 7c7 ,li/ ( top #ae l>ge/ metropolitan /ati/ical areas ,n less ?an e #e ye>s1 ! ,director ( ! ,(fice ( ,managem5t & ,budget %all update ! li/ ( ! #ae l>ge/ metropolitan /ati/ical areas by population4 #c4 ,increas$ )hold+ on sale disposition ( c]ta9 ,unit$ ,/ates real prop]ty int]e/s 7a7 ,9 g5]al ,section #adde ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by r$esignat+ subsection 7f7 z subsection 7g7 & by ins]t+ aft] subsection 7e7 ! foll[+ new subsection3 7f7 ,special rule = c]ta9 dispositions ( resid5tial real prop]ty 7#a7 ,9 g5]al ,9 ! case ( ! disposition ( any applicable resid5tial prop]ty1 subsection 7a7 %all be appli$ by sub/itut+ #cj p]c5t = #ae p]c5t4 7#b7 ,applicable resid5tial prop]ty ,= purposes ( ?is subsection1 ! t]m applicable resid5tial prop]ty means any int]e/ :i*-- 7,a7 is an int]e/ describ$ 9 section #hig7;c77#a77;,a77i71 & 7,b7 is an int]e/ 9 resid5tial real prop]ty4 4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all apply to dispositions aft] ! date :i* is #fj days aft] ! date ( ! enactm5t ( ?is ,act4 #d4 ,increase 9 l[-income h\s+ tax cr$it ,/ate ceil+ 7a7 ,9 g5]al ,section #db7;h77#c77;,c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ plus at ! end ( clause 7iii71 by /rik+ ! p]iod at ! end ( clause 7iv7 & ins]t+ 1 plus1 & by ins]t+ aft] clause 7iv7 ! foll[+3 7v7 ! qualifi$ s+le-family h\s+ am\nt det]m9$ "u subp>agraph 7,j74 4 7b7 ,qualifi$ s+le-,family h\s+ am\nt 7#a7 ,9 g5]al ,section #db7;h77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subp>agraph3 7,j7 ,qualifi$ s+le-family h\s+ am\nt ,! qualifi$ s+le-family h\s+ am\nt det]m9$ "u ?is subp>agraph = any cal5d> ye> is an am\nt equal to ! sum (-- 7i7 #aj p]c5t ( ! am\nt det]m9$ "u subp>agraph 7,c77ii7 = su* cal5d> ye> 7det]m9$ aft] application ( subp>agraphs 7,h7 & 7,i771 7ii7 ! excess 7if any7 ( ! am\nt describ$ 9 clause 7i7 = ! prec$+ cal5d> ye> ov] ! am\nts allocat$ to projects describ$ 9 p>agraph 7#i7 = su* prec$+ cal5d> ye>1 7iii7 ! am\nt allocat$ )9 ! ,/ate 7n 9 excess ( ! am\nt det]m9$ "u ?is subp>agraph = ! prec$+ cal5d> ye> r$uc$ by ! am\nt describ$ 9 clause 7ii7 = ! second prec$+ cal5d> ye>7 = any project-- 7,i7 :i* is describ$ 9 p>agraph 7#i7 & :i* fails to meet ! #aj p]c5t te/ "u p>agraph 7#a77;,e77ii7 on a date aft] ! close ( ! cal5d> ye> 9 :i* ! allocation 0 made1 7,,ii7 :i* does n become a qualifi$ l[-income h\s+ project describ$ 9 p>agraph 7#i7 )9 ! p]iod requir$ by ?is section or ! t]ms ( ! allocation1 or 7,,iii7 :i* is describ$ 9 p>agraph 7#i7 & ) respect to :i* an allocation is cancell$ by mutual cons5t ( ! h\s+ cr$it ag5cy & ! allocation recipi5t1 plus 7iv7 ! am\nt1 if any1 det]m9$ "u subp>agraph 7,d71 appli$-- 7,i7 by sub/itut+ unus$ qualifi$ s+le-family h\s+ c>ryov] = unus$ h\s+ cr$it c>ryov] 9 clause 7i7 !re(1 7,,ii7 )\t reg>d to clause 7ii7 !re(1 7,,iii7 by sub/itut+ unus$ qualifi$ s+le-family h\s+ c>ryov]s = unus$ h\s+ cr$it c>ryov]s 9 clause 7iii7 !re(1 & 7,,iv7 by sub/itut+ an am\nt equal to its entire qualifi$ s+le-family h\s+ am\nt to projects describ$ 9 p>agraph 7#i7 = entire ,/ate h\s+ cr$it ceil+ 7det]m9$ )\t reg>d to am\nts describ$ 9 subp>agraph 7,c77v77 9 clause 7iv77,i7 !re(4 4 7#b7 ,con=m+ am5dm5ts 7,a7 ,section #db7;h77#c77;,c7 ( su* ,code is am5d$ by ins]t+ 7o!r ?an am\nts allocat$ f ! qualifi$ s+le-family h\s+ am\nt7 aft] ! h\s+ cr$it doll> am\nt previ\sly allocat$ )9 ! ,/ate4 7,b7 ,section #db7;h77#c77;,d7 ( su* ,code is am5d$ by ins]t+ 7det]m9$ )\t reg>d to am\nts describ$ 9 subp>agraph 7,c77v77 aft] entire ,/ate h\s+ cr$it ceil+4 7c7 ,set aside ( increas$ am\nts ,section #db7;h7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new p>agraph3 7#i7 ,set aside ( qualifi$ s+le-family h\s+ am\nt ,! portion ( ! ,/ate h\s+ cr$it ceil+ :i* is equal to ! qualifi$ s+le-family h\s+ am\nt = any cal5d> ye> %all be allocat$ to projects consi/+ ( #a to #d dwell+ units t are locat$ 9 qualifi$ c5sus tracts 7z def9$ 9 subsection 7d77#e77;,b77i774 4 7d7 ,effective date ,! am5dm5ts made by ?is section %all apply to allocations made = cal5d> ye>s beg9n+ aft] ! date ( ! enactm5t ( ?is ,act4