,,ii  #aag? ,,congress  #b;d ,session   
,s4 #eaea  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,novemb] #cj           
7legislative day1 ,novemb] #bi71        
#bjbb,mr4 ,m]kley introduc$ ! foll[+    
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,f9ance  ,a ,,bill  ,to   
prohibit individuals & entities f own+ m
 ?an #ajj s+le-family resid5ces1 & = o!r
 purposes4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,end ,h$ge ,fund        
,control ( ,am]ican ,homes ,act4  #b4   
,excise tax on c]ta9 taxpay]s fail+ to  
sell excess s+le-family resid5ces  7a7  
,9 g5]al ,subtitle ,d ( ! ,int]nal      
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new *apt]3  #ej;,b    
,excess s+le-family resid5ces  ,sec4    
#ejjj;,e4 ,excess s+le-family resid5ces4
  #ejjj;,e4 ,excess s+le-family         
resid5ces  7a7 ,9 g5]al ,9 ! case ( any 
cov]$ taxpay] :o fails to meet !        
requirem5t ( subsection 7b7 = any       
taxable ye>1 !re is h]eby impos$ a tax  
equal to ! product (-- 7#a7 #bj1jjj1 &  

7#b7 ! excess (-- 7,a7 ! numb] (        
s+le-family resid5ces own$ by ! taxpay] 
z ( ! la/ day ( ! taxable ye>1 ov]  7,b7
 #ajj4  7b7 ,requirem5t ,a cov]$ taxpay]
 meets ! requirem5ts ( ?is section = any
 taxable ye> if ! numb] ( s+le-family   
resid5ces own$ by ! cov]$ taxpay] z ( ! 
la/ day ( ! taxable ye> is equal to or  
less ?an #ij p]c5t ( ! numb] ( s+le     
family homes own$ by ! cov]$ taxpay] z (
 ! fir/ day ( ! taxable ye>4  7c7 ,cov]$
 taxpay] ,= purposes ( ?is section--    
7#a7 ,9 g5]al ,! t]m cov]$ taxpay]      
means1 ) respect to any taxable ye>1 any
 p]son :o owns m ?an #ajj s+le-family   
resid5ces1 z det]m9$ on ! fir/ day ( !  
taxable ye>4  7#b7 ,exclusions ,su* t]m 
%all n include-- 7,a7 a mortgage note   
hold] t owns a s+le-family resid5ce     
?r\gh =eclosure1  7,b7 a organization   
:i* is describ$ 9 section #eja7;c77#c7 &
 exempt f tax "u section #eja7;a71  7,c7
 any p]son prim>ily engag$ 9 !          
con/ruction or rehabilitation (         
s+le-family resid5ces1 or  7,d7 any     

p]son :o owns f$]ally subsidiz$ h\s+4   
7#c7 ,aggregation rules  7,a7 ,9 g5]al  
,= purposes ( ?is section1 all p]sons   
:i* are treat$ z a s+le employ] "u      
subsections 7a7 & 7b7 ( section #eb %all
 be treat$ z a s+le taxpay]4  7,b7      
,modifications ,= purposes ( ?is        
p>agraph-- 7i7 section #eb7;a7 %all be  
appli$ by sub/itut+ compon5t memb]s =   
memb]s1 &  7ii7 = purposes ( apply+     
section #eb7;b71 ! t]m trade or bus9ess 
%all include any activity treat$ z a    
trade or bus9ess "u p>agraph 7#e7 or    
7#f7 ( section #dfi7;c7 7det]m9$ )\t    
reg>d to ! phrase ,to ! ext5t provid$ 9 
regulations 9 su* p>agraph 7#f774  7,c7 
,compon5t memb] ,= purposes ( ?is       
p>agraph1 ! t]m compon5t memb] has !    
mean+ giv5 su* t]m by section #aefc7;b71
 except t ! det]m9ation %all be made )\t
 reg>d to section #aefc7;b77#b74  7d7   
,o!r rules & def9itions ,= purposes (   
?is section-- 7#a7 ,s+le-family resid5ce
 ,! t]m s+le-family resid5ce means a    
resid5tial prop]ty consi/+ ( #a-to-#d   

dwell+ units4  7#b7 ,own  7,a7 ,9 g5]al 
,! t]m own1 ) respect to a s+le-family  
resid5ce1 means hav+ a direct majority  
own]%ip int]e/ 9 ! s+le-family resid5ce1
 reg>dless ( ! p]c5tage ( t own]%ip     
int]e/4  7,b7 ,special rule = c]ta9     
sales  7i7 ,9 g5]al ,not)/&+ subp>agraph
 7,a71 = purposes ( subsections         
7a77#b77;,a7 & 7b71 any s+le-family     
resid5ce :i* is own$ by a cov]$ taxpay] 
z ( ! fir/ day ( ! taxable ye> & :i* is 
sold or transf]r$ dur+ su* taxable ye>  
by ! cov]$ taxpay] 9 a sale or transf]  
describ$ 9 clause 7ii7 %all be treat$ z 
a s+le-family resid5ce :i* is own$ by ! 
cov]$ taxpay] z ( ! la/ day ( su*       
taxable ye>4  7ii7 ,sales describ$ ,a   
sale or transf] is describ$ 9 ?is clause
 if su* sale or transf] is a sale or    
transf] to-- 7,i7 a corporation or      
entity engag$ 9 a trade or bus9ess1     
7,,ii7 a gr\p ( m ?an #b individuals1 or
  7,,iii7 a p]son :o owns any o!r       
s+le-family resid5ce at ! "t ( su* sale4
  7e7 ,report+  7#a7 ,9 g5]al ,!        

,secret>y %all require su* report+ z !  
,secret>y det]m9es necess>y or          
appropriate to c>ry out ! purposes ( ?is
 section1 includ+ report+ ) respect to  
:e!r any p]son acquir+ a s+le-family    
resid5ce f a cov]$ taxpay] owns any o!r 
s+le-family resid5ces at ! "t ( !       
acquisition4  7#b7 ,failure to report   
7,a7 ,9 g5]al ,any p]son :o fails to    
report in=mation requir$ "u p>agraph    
7#a7 or :o fails to include correct     
in=mation 9 su* report %all pay a p5alty
 ( #bj1jjj4  7,b7 ,reasonable cause     
waiv] ,no p5alty %all be impos$ "u ?is  
p>agraph ) respect to any failure if x  
is %[n t su* failure is due to          
reasonable cause & n to willful neglect4
  7,c7 ,treatm5t ( p5alty ,! p5alty "u  
?is p>agraph %all be paid ^u notice &   
dem& by ! ,secret>y1 & %all be assess$ &
 collect$ 9 ! same mann] z an assessable
 p5alty "u sub*apt] ,b ( *apt] #fh4  4  
7b7 ,c]tification  7#a7 ,9 g5]al ,!     
report+ requir$ "u section #ejjj;,e7a7 (
 ! ,int]nal ,rev5ue ,code ( #aihf1 z    

add$ by ?is section1 %all include a     
c]tification f ea* individual to :om a  
s+le-family resid5ce is sold or         
transf]r$ f a cov]$ taxpay]4  7#b7 ,=m (
 c]tification ,! c]tification requir$ "u
 ?is subsection %all be sign$ by !      
pur*as] or transf]ee & /ate ! foll[+3   
7,a7 ,! "n & address ( ! pur*as] or     
transf]ee4  7,b7 ,! sale is n a sale    
describ$ 9 section                      
#ejjj;,e7d77#b77;,b77ii7 ( ! ,int]nal   
,rev5ue ,code ( #aihf4  7,c7 ,! pur*as] 
or transf]ee w be subject to ! p5alty   
impos$ "u section #ejjj;,e7e77#b7 ( su* 
,code = any false c]tification4  7#c7   
,def9itions ,any t]m us$ 9 ?is          
subsection :i* is us$ 9 section #ejjj;,e
 ( ! ,int]nal ,rev5ue ,code ( #aihf %all
 h ! mean+ give su* t]m "u su* section4 
7c7 ,cl]ical am5dm5t ,! table ( *apt]s =
 subtitle ,d ( ! ,int]nal ,rev5ue ,code 
( #aihf is am5d$ by add+ at ! end !     
foll[+ new item3  ,*apt] #ej;,b--,excess
 s+le-,family resid5ces  4  7d7         
,effective date ,! am5dm5ts made by ?is 

section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjbb4  #c4   
,use ( tax rev5ues = d[n paym5t         
assi/ance grants  7a7 ,e/abli%m5t ( h\s+
 tru/ fund  7#a7 ,9 g5]al ,sub*apt] ,a (
 *apt] #ih ( ! ,int]nal ,rev5ue ,code ( 
#aihf is am5d$ by add+ at ! end ! foll[+
 new section3  #ieab4 ,h\s+ ,tru/ ,fund 
7a7 ,creation ( tru/ fund ,!re is       
e/abli%$ 9 ! ,treasury ( ! ,unit$ ,/ates
 a tru/ fund to be kn[n z ! ,h\s+ ,tru/ 
,fund 7h]e9aft] 9 ?is section ref]r$ to 
z ! ,tru/ ,fund71 consi/+ ( su* am\nts z
 may be appropriat$ or cr$it$ to su*    
,tru/ ,fund z provid$ 9 ?is section &   
section #ifjb7;b74  7b7 ,transf]s to    
,tru/ ,fund ,!re are h]eby appropriat$  
to ! ,h\s+ ,tru/ ,fund am\nts equival5t 
to rev5ues receiv$ 9 ! ,treasury f ! tax
 impos$ by section #ejjj;,e4  7c7       
,exp5ditures f ,tru/ ,fund ,am\nts 9 !  
,h\s+ ,tru/ ,fund %all be available1 z  
provid$ 9 appropriations ,acts1 only =  
grants "u section #c7;b7 ( ! ,end ,h$ge 
,fund ,control ( ,am]ican ,homes ,act4  

4  7#b7 ,cl]ical am5dm5t ,! table (     
sections = sub*apt] ,a ( *apt] #ih ( !  
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new item3  7b7
 ,grants program = d[n paym5t assi/ance 
programs  7#a7 ,e/abli%m5t ,! ,secret>y 
( ,h\s+ & ,urban ,developm5t %all       
e/abli% a program "u :i* ! ,secret>y    
makes grants to ,/ate h\s+ f9ance       
ag5cies to e/abli% new or supplem5t     
exi/+ programs t provide d[n paym5t     
assi/ance to families pur*as+ homes )9 !
 ,/ate4  7#b7 ,priority ,a ,/ate h\s+   
f9ance ag5cy t receives a grant "u ?is  
section %all give priority to families  
seek+ assi/ance to pur*ase any          
s+le-family resid5ce t is sold or       
transf]r$ by a cov]$ taxpay] 7z def9$ 9 
section #ejjj;,e7c7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf1 z add$ by section #b74