,,ii  #aah? ,,congress  #a/ ,session    
,s4 #cdjb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,decemb] #e1 #bjbc,mr4 
,m]kley 7= himself & ,ms4 ,smi?7        
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to impose an      
excise tax on ! failure ( c]ta9 h$ge    
funds own+ excess s+le-family resid5ces 
to dispose ( su* resid5ces1 & = o!r     
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ 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  
,newly acquir$ s+le-family resid5ces4   
,sec4 #ejjj;,f4 ,excess s+le-family     
resid5ces4 ,sec4 #ejjj;,g4 ,def9itions &
 o!r special rules4  #ejjj;,e4 ,newly   
acquir$ s+le-family resid5ces  7a7 ,9   

g5]al ,9 ! case ( an applicable taxpay]1
 !re is h]eby impos$ a tax on !         
acquisition ( any newly acquir$         
s+le-family resid5ce equal to #ej p]c5t 
( ! fair m>ket value ( su* resid5ce4    
7b7 ,newly acquir$ s+le-,family resid5ce
 ,= purposes ( ?is section1 ! t]m newly 
acquir$ s+le-family resid5ce means any  
s+le-family resid5ce :i* 0 acquir$ by ! 
taxpay] 9 any taxable ye> :i* beg9s aft]
 ! date ( ! enactm5t ( ?is *apt]4       
#ejjj;,f4 ,excess s+le-family resid5ces 
7a7 ,9 g5]al ,9 ! case ( an applicable  
taxpay] :o fails to meet ! requirem5ts (
 subsection 7b71 !re is h]eby impos$ a  
tax equal to ! product (-- 7#a7 #ej1jjj1
 &  7#b7 ! excess (-- 7,a7 ! numb] (    
applicable s+le-family resid5ces own$ by
 ! taxpay] z ( ! la/ day ( ! taxable    
ye>1 ov]  7,b7 ! sum (-- 7i7 #ej 7z]o 9 
! case ( any h$ge fund taxpay]71 plus   
7ii7 ! maximum p]missible units = !     
taxable ye>4  7b7 ,requirem5t  7#a7 ,9  
g5]al ,an applicable taxpay] meets !    
requirem5t ( ?is subsection = any       

taxable ye> if ! numb] ( applicable     
s+le-family resid5ces own$ by ! taxpay] 
z ( ! la/ day ( ! taxable ye> is equal  
to or less ?an ! maximum p]missible     
units det]m9$ ) respect to su* taxpay] =
 su* taxable ye>4  7#b7 ,special rule = 
c]ta9 sales ,= purposes ( apply+        
p>agraph 7#a71 a s+le-family resid5ce   
:i* is sold or transf]r$ 9 a disqualifi$
 sale dur+ ! taxable ye> %all be treat$ 
z a s+le-family resid5ce :i* is own$ by 
! applicable taxpay] z ( ! la/ day ( su*
 taxable ye>4  7c7 ,maximum p]missible  
units ,! maximum p]missible units )     
respect to any applicable taxpay] = any 
taxable ye> %all be det]m9$ z foll[s3 ,9
 ! case (--,! maximum p]missible units =
 a h$ge fund taxpay] is--,! maximum     
p]missible units = any o!r applicable   
taxpay] is--! fir/ full taxable ye>     
beg9n+ aft] ! applicable date 4 4 4#ij  
p]c5t ( ! numb] ( applicable s+le-family
 resid5ces own$ by ! taxpay] on !       
applicable date#ej plus #ij p]c5t ( !   
numb] ( applicable s+le-family resid5ces

 own$ by ! taxpay] on ! applicable date!
 second taxable ye> beg9n+ aft] !       
applicable date 4 4 4#hj p]c5t ( ! numb]
 ( applicable s+le-family resid5ces own$
 by ! taxpay] on ! applicable date#ej   
plus #hj p]c5t ( ! numb] ( applicable   
s+le-family resid5ces own$ by ! taxpay] 
on ! applicable date ! ?ird taxable ye> 
beg9n+ aft] ! applicable date 4 4 4#gj  
p]c5t ( ! numb] ( applicable s+le-family
 resid5ces own$ by ! taxpay] on !       
applicable date#ej plus #gj p]c5t ( !   
numb] ( applicable s+le-family resid5ces
 own$ by ! taxpay] on ! applicable date!
 f\r? taxable ye> beg9n+ aft] !         
applicable date 4 4 4#fj p]c5t ( ! numb]
 ( applicable s+le-family resid5ces own$
 by ! taxpay] on ! applicable date#ej   
plus #fj p]c5t ( ! numb] ( applicable   
s+le-family resid5ces own$ by ! taxpay] 
on ! applicable date ! fif? taxable ye> 
beg9n+ aft] ! applicable date 4 4 4#ej  
p]c5t ( ! numb] ( applicable s+le-family
 resid5ces own$ by ! taxpay] on !       
applicable date#ej plus #ej p]c5t ( !   

numb] ( applicable s+le-family resid5ces
 own$ by ! taxpay] on ! applicable date!
 six? taxable ye> beg9n+ aft] !         
applicable date 4 4 4#dj p]c5t ( ! numb]
 ( applicable s+le-family resid5ces own$
 by ! taxpay] on ! applicable date#ej   
plus #dj p]c5t ( ! numb] ( applicable   
s+le-family resid5ces own$ by ! taxpay] 
on ! applicable date! sev5? taxable ye> 
beg9n+ aft] ! applicable date 4 4 4#cj  
p]c5t ( ! numb] ( applicable s+le-family
 resid5ces own$ by ! taxpay] on !       
applicable date#ej plus #cj p]c5t ( !   
numb] ( applicable s+le-family resid5ces
 own$ by ! taxpay] on ! applicable date!
 eigh? taxable ye> beg9n+ aft] !        
applicable date 4 4 4#bj p]c5t ( ! numb]
 ( applicable s+le-family resid5ces own$
 by ! taxpay] on ! applicable date#ej   
plus #bj p]c5t ( ! numb] ( applicable   
s+le-family resid5ces own$ by ! taxpay] 
on ! applicable date ! n9? taxable ye>  
beg9n+ aft] ! applicable date 4 4 4#aj  
p]c5t ( ! numb] ( applicable s+le-family
 resid5ces own$ by ! taxpay] on !       

applicable date#ej plus #aj p]c5t ( !   
numb] ( applicable s+le-family resid5ces
 own$ by ! taxpay] on ! applicable date 
any taxable ye> beg9n+ m ?an #i ye>s    
aft] ! applicable date 4 4 4#j #ej4  7d7
 ,def9itions ,= purposes ( ?is section--
 7#a7 ,applicable s+le-family resid5ce  
,! t]m applicable s+le-family resid5ce  
means any s+le-family resid5ce :i* 0    
acquir$ on or be=e ! applicable date4   
7#b7 ,applicable date  7,a7 ,9 g5]al ,! 
t]m applicable date means-- 7i7 ! la/   
day ( ! fir/ full taxable ye> end+ on or
 aft] ! date ( ! enactm5t ( ?is *apt]1  
or  7ii7 9 ! case ( any taxpay] describ$
 9 subp>agraph 7,b71 ! date provid$ 9   
su* subp>agraph4  7,b7 ,taxpay]s *ang+  
/atus  7i7 ,9 g5]al ,9 ! case ( any     
applicable taxpay] describ$ 9 clause    
7ii71 ! applicable date means ! la/ day 
( ! taxable ye> imm$iately prec$+ !     
taxable ye> 9 :i* ! taxpay] is describ$ 
9 su* clause4  7ii7 ,applicable taxpay] 
describ$ ,an applicable taxpay] is      
describ$ 9 ?is clause ) respect to any  

taxable ye> if-- 7,i7 su* taxpay] 0 n a 
h$ge fund taxpay] = ! prec$+ taxable    
ye>1 &  7,,ii7 su* taxpay] is a h$ge    
fund taxpay] = su* taxable ye>4  7#c7   
,h$ge fund taxpay] ,= purposes ( ?is    
subsection1 ! t]m h$ge fund taxpay]     
means1 ) respect to any taxable ye>1 any
 applicable taxpay] :i* has #ej1jjj1jjj 
or m 9 net value or assets "u managem5t 
on any day dur+ ! taxable ye>4          
#ejjj;,g4 ,def9itions & o!r special     
rules  7a7 ,applicable taxpay] ,=       
purposes ( ?is *apt]-- 7#a7 ,9 g5]al ,! 
t]m applicable taxpay] means any        
applicable entity :i*-- 7,a7 manages    
funds pool$ f inve/ors1 &  7,b7 is a    
fiduci>y ) respect to su* inve/ors4     
7#b7 ,applicable entity  7,a7 ,9 g5]al  
,! t]m applicable entity means-- 7i7 any
 p>tn]%ip1  7ii7 any corporation1 or    
7iii7 any real e/ate inve/m5t tru/4     
7,b7 ,exceptions ,! t]m applicable      
entity %all n include-- 7i7 an          
organization :i* is describ$ 9 section  
#eja7;c77#c7 & exempt f tax "u section  

#eja7;a71 or  7ii7 an organization      
prim>ily engag$ 9 ! con/ruction or      
rehabilitation ( s+le-family resid5ces4 
7b7 ,s+le-,family resid5ce ,= purposes (
 ?is *apt]-- 7#a7 ,9 g5]al ,! t]m       
s+le-family resid5ce means a resid5tial 
prop]ty consi/+ ( #a-to-#d dwell+ units4
  7#b7 ,exceptions ,su* t]m %all n      
include-- 7,a7 any unoccupi$ s+le-family
 resid5ce acquir$ ?r\gh =eclosure1  7,b7
 any s+le-family resid5ce t is-- 7i7 n  
r5t$ or leas$1 &  7ii7 us$ z ! pr9cipal 
resid5ce 7)9 ! mean+ ( section #aba7 (  
any p]son :o has an own]%ip int]e/ 9 !  
applicable taxpay]1 or  7,c7 any        
s+le-family resid5ce con/ruct$1 acquir$1
 or op]at$ ) ,f$]al appropriat$ fund+   
s\rces4  7c7 ,acquisition2 own]%ip ,=   
purposes ( ?is *apt]1 an applicable     
taxpay] %all be treat$-- 7#a7 z acquir+ 
a s+le-family resid5ce if ! applicable  
taxpay] acquires a majority own]%ip     
int]e/ 9 ! s+le-family resid5ce1        
reg>dless ( ! p]c5tage ( t own]%ip      
int]e/1 &  7#b7 z own+ a s+le-family    

resid5ce if ! applicable taxpay] owns a 
majority own]%ip int]e/ 9 ! s+le-family 
resid5ce1 reg>dless ( ! p]c5tage ( t    
own]%ip int]e/4  7d7 ,disqualifi$ sale  
,= purposes ( ?is *apt]1 ! t]m          
disqualifi$ sale means any sale or      
transf] to-- 7#a7 a corporation or o!r  
entity engag$ 9 a trade or bus9ess1 or  
7#b7 an individual :o owns any o!r      
s+le-family resid5ce at ! "t ( su* sale 
or transf]4  7e7 ,aggregation rules     
7#a7 ,9 g5]al ,= purposes ( ?is *apt]1  
all p]sons :i* are treat$ z a s+le      
employ] "u subsections 7a7 & 7b7 (      
section #eb %all be treat$ z a s+le     
p]son4  7#b7 ,modifications ,= purposes 
( ?is subsection-- 7,a7 section #eb7;a7 
%all be appli$ by sub/itut+ compon5t    
memb]s = memb]s1 &  7,b7 = 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  7f7   
,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-- 7,a7 ! dates on  
:i* s+le-family resid5ces own$ by an    
applicable taxpay] 7 acquir$ by su*     
taxpay]1 &  7,b7 :e!r any p]son acquir+ 
a s+le-family resid5ce f an applicable  
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 ,tax =m ,n lat] ?an #ahj  
days aft] ! date ( ! enactm5t ( ?is     
,act1 ! ,secret>y ( ! ,treasury 7or !   
,secret>y's delegate7 %all publi% a =m  
to be us$ = calculat+ ! am\nt ( tax own$
 "u *apt] #ej;,b ( ! ,int]nal ,rev5ue   
,code ( #aihf 7z add$ by subsection     
7a774  7c7 ,c]tification  7#a7 ,9 g5]al 
,! report+ requir$ "u section           
#ejjj;,g7f77#a77;,b7 ( ! ,int]nal       
,rev5ue ,code ( #aihf1 z add$ by        
subsection 7a71 %all include a          
c]tification f ea* individual to :om a  
s+le-family resid5ce is sold or         
transf]r$ f an applicable 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

 disqualifi$ sale 7z def9$ 9 section    
#ejjj;,g7d7 ( ! ,int]nal ,rev5ue ,code (
 #aihf1 z add$ by ?is section74  7,c7 ,!
 pur*as] or transf]ee w be subject to ! 
p5alty impos$ "u section #ejjj;,g7f77#b7
 ( su* ,code = any false c]tification4  
7#c7 ,def9itions ,any t]m us$ 9 ?is     
subsection :i* is us$ 9 *apt] #ej;,b ( !
 ,int]nal ,rev5ue ,code ( #aihf 7z add$ 
by ?is section7 %all h ! mean+ give su* 
t]m "u su* *apt]4  7d7 ,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  7e7 ,effective date ,!    
am5dm5ts made by ?is section %all apply 
to taxable ye>s beg9n+ aft] ! date (    
enactm5t ( ?is ,act4  #c4 ,use ( tax    
rev5ues = d[n paym5t assi/ance grants   
7a7 ,e/abli%m5t ( h\s+ d[npaym5t 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+ ,d[npaym5t ,tru/ 

,fund  7a7 ,creation ( tru/ fund ,!re is
 e/abli%$ 9 ! ,treasury ( ! ,unit$      
,/ates a tru/ fund to be kn[n z ! ,h\s+ 
,d[npaym5t ,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 ! ,tru/  
,fund am\nts equival5t to rev5ues       
receiv$ 9 ! ,treasury f ! tax impos$ by 
sections #ejjj;,e & #ejjj;,f4  7c7      
,exp5ditures f ,tru/ ,fund ,am\nts 9 !  
,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     
,sec4 #ieab4 ,h\s+ ,d[npaym5t ,tru/     
,fund4  4  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 an   
applicable taxpay] 7z def9$ 9 section   
#ejjj;,g ( ! ,int]nal ,rev5ue ,code (   
#aihf1 z add$ by section #b74