,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #cgde  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #e1 #bjbe,ms4   
,adams 7= h]self1 ,mrs4 ,mc,iver1 ,mr4  
,fields1 & ,mr4 ,?ompson ( ,mississippi7
 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 prohibit individuals &     
entities f own+ m ?an #ge s+le-family   
resid5ces1 & = o!r purposes4  #a4  ,%ort
 title  ,?is ,act may be cit$ z !       
,am]ican ,neighborhoods ,protection ,act
 ( #bjbe4  #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 ,!re is h]eby   
impos$ on ea* cov]$ taxpay] = ea*       
taxable ye> a tax 9 an am\nt equal to ! 
product (--  7#a7 #aj1jjj1 &  7#b7 !    
excess (--  7,a7 ! numb] ( s+le-family  
resid5ces own$ by ! taxpay] z ( ! la/   
day ( ! taxable ye>1 ov]  7,b7 #ge4  7b7
 ,cov]$ taxpay] ,= purposes ( ?is       
section-- 7#a7 ,9 g5]al ,! t]m cov]$    
taxpay] means a taxpay] t is n--  7,a7 a
 mortgage note hold] t owns a           
s+le-family resid5ce ?r\gh =eclosure1   
7,b7 a organization :i* is describ$ 9   
subsection #eja7;c77#c7 & exempt f tax  
"u section #eja7;a71  7,c7 a p]son      
prim>ily engag$ 9 ! con/ruction or      
rehabilitation ( s+le-family resid5ces1 
or  7,d7 a p]son :o owns f$]ally        
subsidiz$ h\s+4  7#b7 ,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+ subsection 7b71 ! t]m 
trade or bus9ess %all include any       
activity treat$ z a trade or bus9ess "u 
p>agraph 7#e7 or 7#f7 ( subsection 7c7  
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   
subsection 7b77#b74  7c7 ,o!r rules &   
def9itions ,= purposes ( ?is section3   
7#a7 ,s+le-family resid5ce ,! t]m       
s+le-family resid5ce means a resid5tial 
prop]ty consi/+ n m ?an #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 resid5ce4  7,b7  
,special rule = c]ta9 sales  7i7 ,9     
g5]al ,not)/&+ subp>agraph 7,a71 =      

purposes ( subsections 7a77#b77;,a71 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  7d7 ,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+ requir+ a c]tification
 ( ! foll[+ f ea* pur*as] or transf]ee (
 a s+le-family resid5ce3  7,a7 ,! "n &  
address ( ! pur*as] or transf]ee4  7,b7 
,id5tify :e!r ! sale is a sale describ$ 

9 subsection 7c77#b77;,b77ii7 ( !       
,int]nal ,rev5ue ,code #aihf4  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 ( #ej1jjj4  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 ,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  7c7 ,effective date ,! am5dm5ts made 
by ?is section %all apply to taxable    
ye>s beg9n+ aft] ,decemb] #ca1 #bjbe4   
#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 ( ! ,am]ican   
,neighborhoods ,protection ,act ( #bjbe4
  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+ ,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 a cov]$ taxpay] 7z def9$ 9 
section #ejjj;,e7b7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf1 z add$ by section #b74