,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #hehb  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,july #bh1 #bjbb,mr4  
,smi? ( ,wa%+ton introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means1 & 9 addition to !       
,committee on ,f9ancial ,s]vices1 = a   
p]iod to be subsequ5tly det]m9$ by !    
,speak]1 9 ea* case = consid]ation ( su*
 provisions z fall )9 ! jurisdiction ( !
 committee conc]n$  ,a ,,bill  ,to am5d 
! ,int]nal ,rev5ue ,code ( #aihf to     
impose an excise tax on ! acquisition ( 
s+le-family homes by c]ta9 l>ge         
inve/ors4  #a4 ,excise tax on           
acquisitions ( s+le-family homes by     
c]ta9 l>ge inve/ors  7a7 ,9 g5]al ,*apt]
 #cf ( ! ,int]nal ,rev5ue ,code ( #aihf 
is am5d$ by add+ at ! end ! foll[+ new  
sub*apt]3  ,e ,acquisition (            
s+le-,family homes by l>ge inve/ors     
,sec4 #ddia4 ,tax on acquisition (      
s+le-family homes by c]ta9 l>ge         
inve/ors4  #ddia4 ,tax on acquisition ( 
s+le-family homes by c]ta9 l>ge inve/ors

  7a7 ,tax impos$ ,9 ! case ( ! sale (  
any s+le-family home to a specifi$ l>ge 
inve/or1 !re is h]eby impos$ a tax equal
 to #ajj p]c5t ( ! am\nt paid = su*     
home4  7b7 ,by :om paid ,! tax impos$ "u
 subsection 7a7 %all be paid by !       
specifi$ l>ge inve/or4  7c7             
,s+le-,family home ,= purposes ( ?is    
section1 ! t]m s+le-family home means   
any real prop]ty locat$ 9 ! ,unit$      
,/ates if su* prop]ty includes at lea/  
#a dwell+ unit & n m ?an #b dwell+      
units4  7d7 ,specifi$ l>ge inve/or ,=   
purposes ( ?is section1 ! t]m specifi$  
l>ge inve/or means any p]son = any      
taxable ye> if ! aggregate fair m>ket   
value ( all assets ( su* p]son 7r$uc$ by
 ! aggregate debts ( ! taxpay]7 det]m9$ 
z ( ! beg9n+ ( su* taxable ye> exce$s   
#bj1jjj1jjj4 ,su* t]m %all n include any
 gov]nm5tal entity or any organization  
describ$ 9 section #eja7;c7 & exempt f  
tax "u section #eja7;a74  7e7           
,exceptions  7#a7 ,pr9cipal resid5ce ,9 
! case ( a specifi$ l>ge inve/or :o is  

an individual1 subsection 7a7 %all n    
apply to ! sale ( any s+le-family home  
to su* specifi$ l>ge inve/or if su* home
 is us$ z ! pr9cipal resid5ce ( su*     
inve/or4  7#b7 ,l[-income h\s+ programs 
,subsection 7a7 %all n apply to ! sale (
 any s+le-family home to a specifi$ l>ge
 inve/or if ! acquisition ( su* home by 
su* inve/or is pursuant to a gov]nm5tal 
program ! purpose ( :i* is to provide   
h\s+ to l[-income individuals4  7f7     
,controll$ gr\ps ,= purposes (          
subsection 7d7-- 7#a7 ,corporations     
7,a7 ,9 g5]al ,all p]sons treat$ z a    
controll$ gr\p %all be treat$ z #a      
p]son4  7,b7 ,controll$ gr\p ,! t]m     
controll$ gr\p has ! mean+ giv5 to su*  
t]m by subsection 7a7 ( section #aefc2  
except t = su* purposes ! phrase m ?an  
#ej p]c5t %all be sub/itut$ = ! phrase  
at lea/ #hj p]c5t ea* place x appe>s 9  
su* subsection4  7#b7 ,non9corporat$    
p]sons "u common control ,"u regulations
 prescrib$ by ! ,secret>y1 pr9ciples    
simil> to ! pr9ciples ( p>agraph 7#a7   

%all apply to a gr\p ( p]sons "u common 
control :]e #a or m ( su* p]sons is n a 
corporation4  7g7 ,transf] ( rev5ues to 
! h\s+ tru/ fund  7#a7 ,9 g5]al ,!re are
 h]eby appropriat$ to ! ,h\s+ ,tru/     
,fund e/abli%$ "u section #acch ( !     
,f$]al ,h\s+ ,ent]prises ,f9ancial      
,safety & ,s\ndness ,act ( #aiib am\nts 
equival5t to ! taxes receiv$ 9 !        
,treasury "u ?is section4  7#b7         
,adm9i/ration ( transf]s ,rules simil>  
to ! rules ( section #ifja %all apply = 
purposes ( ?is subsection4  4  7b7      
,cl]ical am5dm5t ,! table ( sub*apt]s = 
*apt] #cf ( su* ,code is am5d$ by add+  
at ! end ! foll[+ new item3  ,sub*apt]  
,e4 ,acquisition ( s+le-family homes by 
l>ge inve/ors4  4  7c7 ,annual report ,)
 respect to ea* cal5d> ye> beg9n+ aft] !
 date ( ! enactm5t ( ?is ,act1 !        
,secret>y ( ,h\s+ & ,urban ,developm5t  
%all make publicly available an annual  
report :i* evaluates ! tr5ds 9 pur*ases 
( s+le-family homes 7z def9$ 9 section  
#ddia7;c7 ( ! ,int]nal ,rev5ue ,code (  

#aihf7 by specifi$ l>ge inve/ors 7z     
def9$ 9 section #ddia7;d7 ( su* ,code74 
7d7 ,effective date ,! am5dm5ts made by 
?is section %all apply to sales aft] !  
date ( ! enactm5t ( ?is ,act4