,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #cehh  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #bc1 #bjbe,mr4   
,h>rigan introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,ways &       
,means1 & 9 addition to ! ,committee on 
,=eign ,affairs1 = 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 require all    
real e/ate pur*ases by non-citiz5s to be
 report$ to ! ,int]nal ,rev5ue ,s]vice1 
to impose a tax on ! pur*ase ( real     
e/ate pur*ases by c]ta9 non-citiz5s1 & =
 o!r purposes4  #a4 ,%ort title ,?is    
,act may be cit$ z ! ,real ,e/ate       
,reciprocity ,act4  #b4 ,returns )      
respect to =eign p]sons hold+ direct    
inve/m5ts 9 ,unit$ ,/ates real prop]ty  
int]e/s  7a7 ,requir$ return ,section   
#fjci;,c7a7 ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by /rik+ ,to ! ext5t    
provid$ 9 regulations1 any & ins]t+     

,any4  7b7 ,doll> ?re%old remov$        
,section #fjci;,c7b7 ( su* ,code is     
am5d$ by /rik+ dur+ any cal5d> ye> if-- 
& all t foll[s ?r\gh ! p]iod & ins]t+   
dur+ any cal5d> ye> if su* p]son did n  
engage 9 a trade or bus9ess 9 ! ,unit$  
,/ates at any "t dur+ su* cal5d> ye>4   
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to returns fil$ )
 respect to taxable ye>s beg9n+ aft] !  
date ( ! enactm5t ( ?is ,act4  #c4      
,report on =eign prohibition ( ,unit$   
,/ates own]%ip ( real prop]ty int]e/s ,n
 lat] ?an #fj days aft] ! date ( !      
enactm5t ( ?is ,act1 & annually !reaft]1
 ! ,secret>y ( ,/ate %all provide to !  
,secret>y ( ! ,treasury a report        
describ+ all =eign c\ntries t prohibit !
 pur*ase or own]%ip ( real e/ate by     
citiz5s ( ! ,unit$ ,/ates4  #d4         
,imposition ( tax on ! acquisition (    
,unit$ ,/ates real prop]ty by           
disqualifi$ p]sons  7a7 ,9 g5]al        
,subtitle ,d is am5d$ by ins]t+ aft]    
*apt] #ej;,a ! foll[+ new *apt]3  #ej;,b

 ,acquisition ( ,unit$ ,/ates real      
prop]ty by disqualifi$ p]sons  ,sec4    
#ejjj;,e4 ,imposition ( tax on          
acquisition ( ,unit$ ,/ates real prop]ty
 by disqualifi$ p]sons4  #ejjj;,e4      
,imposition ( tax on acquisition (      
,unit$ ,/ates real prop]ty by           
disqualifi$ p]sons  7a7 ,9 g5]al ,9 !   
case ( any acquisition ( any ,unit$     
,/ates real prop]ty by any disqualifi$  
p]son1 !re is h]eby impos$ on su* p]son 
a tax equal to #ej p]c5t ( ! am\nt paid 
= su* int]e/4  7b7 ,disqualifi$ p]son ,=
 purposes ( ?is section-- 7#a7 ,9 g5]al 
,! t]m disqualifi$ p]son means-- 7,a7   
any citiz5 ( a disqualifi$ c\ntry 7o!r  
?an a citiz51 or lawful p]man5t resid5t1
 ( ! ,unit$ ,/ates71  7,b7 any entity   
domicil$ 9 a disqualifi$ c\ntry1  7,c7  
any disqualifi$ c\ntry & any political  
subdivision1 ag5cy1 or in/rum5tality    
!re(1 &  7,d7 except z provid$ 9        
p>agraph 7#c71 any entity if p]sons     
describ$ 9 subp>agraph 7,a71 7,b71 or   
7,c7 79 ! aggregate7 #aj-p]c5t control  

su* entity4  7#b7 ,disqualifi$ c\ntry ,!
 t]m disqualifi$ c\ntry means any c\ntry
 id5tifi$ 9 ! report describ$ 9 section 
#c ( ! ,real ,e/ate ,reciprocity ,act4  
7#c7 ,exception = c]ta9 non-citiz5s ,an 
individual %all n be treat$ z describ$ 9
 p>agraph 7#a77;,a7 if su* individual   
resides 9 ! ,unit$ ,/ates dur+ ! taxable
 ye> due to-- 7,a7 diplomatic           
obligations1 or  7,b7 a grant ( asylum  
by ! ,unit$ ,/ates4  7#d7 ,exception =  
c]ta9 publicly trad$ corporations  7,a7 
,9 g5]al ,an entity %all n be treat$ z  
describ$ 9 p>agraph 7#a77;,d7 if-- 7i7  
su* entity is a specifi$ publicly trad$ 
corporation1 or  7ii7 specifi$ publicly 
trad$ corporations 79 ! aggregate7      
control su* entity4  7,b7 ,specifi$     
publicly trad$ corporation  7i7 ,9 g5]al
 ,! t]m specifi$ publicly trad$         
corporation means any corporation if--  
7,i7 ! /ock ( su* corporation is        
regul>ly trad$ on an e/abli%$ securities
 m>ket locat$ 9 ! ,unit$ ,/ates1 &      
7,,ii7 specifi$ disqualifi$ p]sons d n  

79 ! aggregate7 control su* corporation4
  7ii7 ,specifi$ disqualifi$ p]sons ,!  
t]m specifi$ disqualifi$ p]sons means1 )
 respect to any corporation ref]r$ to 9 
clause 7i71 any p]son :i*-- 7,i7 is     
describ$ 9 subp>agraph 7,a71 7,b71 or   
7,c7 ( p>agraph 7#a71 &  7,,ii7         
#aj-p]c5t controls su* corporation4  7c7
 ,prorat$ tax on acquisitions by        
entities n m ?an #ej p]c5t controll$ by 
disqualifi$ p]sons  7#a7 ,9 g5]al ,9 !  
case ( any disqualifi$ p]son describ$ 9 
subsection 7b77#a77;,d7 ) respect to :i*
 p]sons describ$ 9 subp>agraphs 7,a71   
7,b71 or 7,c7 ( subsection 7b77#a7 d n  
79 ! aggregate7 control su* disqualifi$ 
p]son1 subsection 7a7 %all be appli$ by 
sub/itut+ ! applicable p]c5tage ( !     
am\nt = ! am\nt4  7#b7 ,applicable      
p]c5tage ,= purposes ( ?is section1 !   
t]m applicable p]c5tage means1 ) respect
 to any disqualifi$ p]son to :i*        
p>agraph 7#a7 applies1 ! highe/ p]c5tage
 :i* c\ld be sub/itut$ = #ej p]c5t bo?  
places x appe>s 9 section #ied7;d77#c7  

)\t caus+ p]sons describ$ 9 subp>agraph 
7,a71 7,b71 or 7,c7 ( subsection 7b77#a7
 79 ! aggregate7 to control 7det]m9$ by 
tak+ into acc\nt su* sub/itution7 su*   
disqualifi$ p]son4  7d7 ,control ,=     
purposes ( ?is section-- 7#a7 ,9 g5]al  
,! t]m control has ! mean+ giv5 su* t]m 
"u section #ied7;d77#c71 det]m9$ by     
treat+ ! rules ( section #ieh7;a77#b7 z 
apply+ to bo? =eign & dome/ic           
corporations1 p>tn]%ips1 tru/s1 &       
e/ates4  7#b7 #aj-p]c5t control ,! t]m  
#aj-p]c5t control means control 7z def9$
 9 p>agraph 7#a771 det]m9$ by sub/itut+ 
#aj p]c5t = #ej p]c5t bo? places x      
appe>s 9 section #ied7;d77#c74  7e7     
,unit$ ,/ates real prop]ty ,! t]m ,unit$
 ,/ates real prop]ty has ! mean+ :i*    
w\ld be giv5 ! t]m ,unit$ ,/ates real   
prop]ty int]e/ by section #hig7;c7 if-- 
7#a7 p>agraph 7#a77;,a77ii7 7 appli$ by 
sub/itut+ su* corporation 0 n a ,unit$  
,/ates real prop]ty hold+ corporation at
 ! "t ( acquisition = su* corporation & 
all t foll[s1  7#b7 p>agraph 7#a77;,b7  

did n apply1 &  7#c7 p>agraph 7#c7 7    
appli$ by sub/itut+ at ! "t (           
acquisition = at "s "t dur+ ! %ort] ( ! 
p]iods describ$ 9 p>agraph              
7#a77;,a77ii74  4  7b7 ,report+         
requirem5ts  7#a7 ,9 g5]al ,subp>t ,b ( 
"p ,,iii ( sub*apt] ,a ( *apt] #fa is   
am5d$ by add+ at ! end ! foll[+ new     
section3  #fjej;,,aa4 ,returns relat+ to
 acquisition ( ,unit$ ,/ates real       
prop]ty by disqualifi$ p]sons  7a7 ,9   
g5]al ,! requir$ report+ p]son1 )       
respect to any acquisition ( any ,unit$ 
,/ates real prop]ty by a presumptively  
disqualifi$ p]son to :i* section        
#ejjj;,e7a7 applies1 %all make a return 
at su* "t z ! ,secret>y may provide     
sett+ =?-- 7#a7 ! "n1 address1 & ,,t9 ( 
su* presumptively disqualifi$ p]son1    
7#b7 a description ( su* ,unit$ ,/ates  
real prop]ty 7includ+ ! /reet address1  
if applicable71 &  7#c7 ! am\nt paid =  
su* ,unit$ ,/ates real prop]ty4  7b7    
,/atem5t ,to be furni%$ to presumptively
 disqualifi$ p]son ,e p]son requir$ to  

make a return "u subsection 7a7 %all    
furni%1 at su* "t z ! ,secret>y may     
provide1 to ea* presumptively           
disqualifi$ p]son ^: "n is requir$ to be
 set =? 9 su* return a writt5 /atem5t   
%[+-- 7#a7 ! "n & address ( ! in=mation 
contact ( ! requir$ report+ p]son1 &    
7#b7 ! in=mation describ$ 9 p>agraphs   
7#a71 7#b71 & 7#c7 ( subsection 7a7 :i* 
relates to su* disqualifi$ p]son4  7c7  
,requir$ report+ p]son ,= purposes ( ?is
 section1 ! t]m requir$ report+ p]son   
means1 ) respect to any acquisition (   
any ,unit$ ,/ates real prop]ty-- 7#a7 ! 
p]son 7includ+ any attorney or title    
company7 responsible = clos+ !          
transaction 9 :i* su* ,unit$ ,/ates real
 prop]ty is acquir$1 or  7#b7 if no "o  
is responsible = clos+ su* transaction  
7or 9 su* o!r cases z ! ,secret>y may   
provide71 ! transf]or ( su* ,unit$      
,/ates real prop]ty4  7d7 ,presumptively
 disqualifi$ p]son ,= purposes ( ?is    
section1 ! t]m presumptively disqualifi$
 p]son means any p]son unless su* p]son 

furni%es to ! requir$ report+ p]son an  
affidavit by ! su* p]son /at+1 "u p5alty
 ( p]jury1 t su* p]son is n a           
disqualifi$ p]son 7z def9$ 9 section    
#ejjj;,e7b774  7e7 ,requirem5t ,to      
reque/ affidavit ,if ! requir$ report+  
p]son1 ) respect to any acquisition (   
any ,unit$ ,/ates real prop]ty1 has n1 z
 ( ! "t ( su* acquisition1 be5 furni%$ !
 affidavit describ$ 9 subsection 7d7 by 
! acquir] ( su* int]e/1 su* requir$     
report+ p]son %all furni% to su*        
acquir]1 at su* "t1 a writt5 /atem5t    
in=m+ su* acquir] ( ! requir$ report+   
p]son's obligation to make ! return     
describ$ 9 subsection 7a7 ) respect to  
su* acquisition & includ+ su* o!r       
in=mation z ! ,secret>y may require4    
7f7 ,unit$ ,/ates real prop]ty ,=       
purposes ( ?is section1 ! t]m ,unit$    
,/ates real prop]ty has ! mean+ giv5 su*
 t]m 9 section #ejjj;,e4  4  7#b7       
,p5alties ,section #fgbd7;d7 is am5d$-- 
7,a7 9 p>agraph 7#a77;,b71 by /rik+ or  
at ! end ( clause 7xxvii71 by /rik+ & at

 ! end ( clause 7xxviii7 & ins]t+ or1 & 
by add+ at ! end ! foll[+ new clause3   
7xxix7 section #fjej;,,aa7a7 7relat+ to 
returns relat+ to acquisition ( ,unit$  
,/ates real prop]ty by disqualifi$      
p]sons71 &  1 &  7,b7 9 p>agraph 7#b71  
by /rik+ or at ! end ( subp>agraph      
7,,kk71 by /rik+ ! p]iod at ! end (     
subp>agraph 7,,ll7 & ins]t+ 1 or1 & by  
ins]t+ aft] subp>agraph 7,,ll7 ! foll[+ 
new subp>agraph3  7,,mm7 subsection 7b7 
or 7e7 ( section #fjee;,,aa 7relat+ to  
/atem5ts relat+ to acquisition ( ,unit$ 
,/ates real prop]ty by disqualifi$      
p]sons74  4  7c7 ,cl]ical am5dm5ts  7#a7
 ,! table ( *apt]s = subtitle ,d is     
am5d$ by ins]t+ aft] ! item relat+ to   
*apt] #ej;,a ! foll[+ new item3  ,*apt] 
#ej;,b4 ,acquisition ( ,unit$ ,/ates    
real prop]ty by disqualifi$ p]sons4  4  
7#b7 ,! table ( sections = subp>t ,b (  
"p ,,iii ( sub*apt] ,a ( *apt] #fa is   
am5d$ by add+ at ! end ! foll[+ new     
item3  ,sec4 #fjej;,,aa4 ,returns relat+
 to acquisition ( ,unit$ ,/ates real    

prop]ty by disqualifi$ p]sons4  4  7d7  
,effective date ,! am5dm5ts made by ?is 
section %all apply to acquisitions 9    
taxable ye>s beg9n+ aft] ! date ( !     
enactm5t ( ?is ,act4