,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #gach  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,janu>y #af1 #bjbf,mr4
 ,khanna 7= himself1 ,mrs4 ,watson      
,coleman1 ,mr4 ,deluzio1 ,mr4 ,g>ca (   
,ill9ois1 ,mr4 ,jackson ( ,ill9ois1 ,ms4
 ,simon1 ,mr4 ,takano1 ,mr4 ,fro/1 ,ms4 
,tlaib1 ,ms4 ,tokuda1 ,ms4 ,lee (       
,p5nsylvania1 ,ms4 ,kelly ( ,ill9ois1   
,mrs4 ,*]filus-,mc,cormick1 & ,mr4      
,?an$>7 introduc$ ! 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 disall[ !      
d$uction ( c]ta9 exp5ses relat+ to      
own]%ip ( s+le-family homes by specifi$ 
l>ge inve/ors1 to impose an excise tax  
on ! sale ( su* homes by su* inve/ors1 &
 to prohibit ,f$]al mortgage assi/ance  
relat+ to c]ta9 l>ge inve/ors4  #a4     

,%ort title ,?is ,act may be cit$ z !   
,/op ,wall ,/reet ,l&lords ,act ( #bjbf4
  #b4 ,disall[ance ( d$uction ( c]ta9   
exp5ses relat$ to s+le-family homes held
 by specifi$ l>ge inve/ors  7a7 ,9 g5]al
 ,"p ,,ix ( sub*apt] ,b ( ,*apt] #a (   
subtitle ,a ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by add+ at ! end !      
foll[+ new section3  #bhj;,i4 ,c]ta9    
exp5ses relat$ to s+le-family homes held
 by specifi$ l>ge inve/ors  7a7 ,9 g5]al
 ,9 ! case ( a specifi$ l>ge inve/or1 no
 d$uction %all be all[$ "u ?is *apt] = !
 foll[+ exp5ses relat+ to ! own]%ip ( a 
s+le-family home3 7#a7 ,am\nts paid or  
incurr$ = ! int]e/ on a mortgage relat+ 
to su* s+le-family home or to insure su*
 s+le-family home4  7#b7 ,depreciation (
 su* s+le-family home4  7b7 ,specifi$   
l>ge inve/or ,= purposes ( ?is section--
 7#a7 ,9 g5]al ,! 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 exce$s     

#ajj1jjj1jjj at any "t dur+ su* taxable 
ye>4  7#b7 ,treatm5t ( controll$ gr\ps  
,= purposes ( ?is subsection-- 7,a7 ,9  
g5]al ,all p]sons :i* are "p ( a        
controll$ gr\p 7)9 ! mean+ ( section    
#aefc7;a7 appli$ by sub/itut+ m ?an #ej 
p]c5t = at lea/ #hj p]c5t ea* place x   
appe>s7 %all be treat$ z #a p]son4  7,b7
 ,non9corporat$ p]sons "u common control
 ,"u regulations or o!r guidance provid$
 by ! ,secret>y1 pr9ciples simil> to !  
pr9ciples ( subp>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  7#c7 ,gov]nm5t entities & 
c]ta9 tax-exempt entities ,su* t]m %all 
n include ei!r ( ! foll[+3 7,a7 ,any    
gov]nm5tal entity4  7,b7 ,any           
organization :i* is describ$ 9 section  
#eja7;c77#c7 & exempt f tax "u section  
#eja7;a74  7c7 ,s+le-,family home  7#a7 
,9 g5]al ,= 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 #d dwell+ units4  7#b7        
,exception = f$]ally-assi/$ build+s ,=  
purposes ( ?is section-- 7,a7 ,9 g5]al  
,su* t]m %all n include any             
f$]ally-assi/$ build+4  7,b7            
,f$]ally-assi/$ build+ ,! t]m           
f$]ally-assi/$ build+ means any build+--
 7i7 :i* is sub/antially assi/$1 f9anc$1
 or op]at$ "u section #h ( ! ,unit$     
,/ates ,h\s+ ,act ( #aicg1 section      
#bba7;d77#c71 #bba7;d77#d71 or #bcf ( ! 
,national ,h\s+ ,act1 section #eae ( !  
,h\s+ ,act ( #aidi1 or any o!r h\s+     
program adm9i/]$ by ! ,dep>tm5t ( ,h\s+ 
& ,urban ,developm5t or by ! ,rural     
,h\s+ ,s]vice ( ! ,dep>tm5t (           
,agriculture1  7ii7 ) respect to :i* a  
cr$it is all[$ to ! taxpay] "u section  
#db1 or  7iii7 = :i* f9anc+ is provid$  
by a qualifi$ bond 7)9 ! mean+ ( section
 #ada74  7d7 ,exceptions  7#a7 ,pr9cipal
 resid5ce ,9 ! case ( a specifi$ l>ge   
inve/or :o is an individual1 subsection 
7a7 %all n apply to any s+le-family home
 if su* home is us$ z ! pr9cipal        

resid5ce ( su* inve/or4  7#b7 ,orig9al  
con/ruction or sub/antial rehabilitation
 ,subsection 7a7 %all n apply ) respect 
to a s+le-family home orig9ally         
con/ruct$ or sub/antially rehabilitat$  
7z def9$ 9 section #dg7;c77 by !        
taxpay]4  4  7b7 ,cl]ical am5dm5t ,!    
table ( sections = "p ,,ix ( sub*apt] ,b
 ( *apt] #a ( su* ,code is am5d$ by     
ins]t+ aft] ! item relat+ to section    
#bhj;,h ! foll[+ new item3  ,sec4       
#bhj;,i4 ,c]ta9 exp5ses relat$ to       
s+le-family homes held by specifi$ l>ge 
inve/ors4  4  7c7 ,effective date ,!    
am5dm5ts made by ?is section %all apply 
to am\nts paid or incurr$ & depreciation
 t occurs aft] ! date t is #ah mon?s    
aft] ! date ( ! enactm5t ( ?is ,act4    
#c4 ,excise tax on transf]s (           
s+le-family homes by specifi$ l>ge      
inve/ors  7a7 ,9 g5]al ,*apt] #cf (     
subtitle ,d ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by ins]t+ aft] sub*apt] 
,d ! foll[+ new sub*apt]3  ,e ,tax on   
,transf]s ( ,s+le-,family ,homes by     

,specifi$ ,l>ge ,inve/ors  ,sec4 #ddia4 
,tax on transf]s ( s+le-family homes by 
specifi$ l>ge inve/ors4  #ddia4 ,tax on 
transf]s ( s+le-family homes by specifi$
 l>ge inve/ors  7a7 ,9 g5]al ,!re is    
h]eby impos$ a tax on ! sale or transf] 
( a s+le-family home by a specifi$ l>ge 
inve/or 9 an am\nt equal to ! sale price
 ( ! s+le-family home4  7b7 ,specifi$   
l>ge inve/or2 s+le-family home ,=       
purposes ( ?is section1 ! t]ms specifi$ 
l>ge inve/or & s+le-family home %all h !
 respective mean+s giv5 su* t]ms 9      
section #bhj;,i4  7c7 ,special rules    
,rules simil> to ! rules ( subsections  
7b77#b71 7d77#a71 & 7d77#b7 ( section   
#bhj;,i %all apply = purposes ( ?is     
section4  4  7b7 ,cl]ical am5dm5t ,!    
table ( sub*apt]s = *apt] #cf ( subtitle
 ,d ( su* ,code is am5d$ by add+ aft] ! 
item relat+ to sub*apt] ,d ! foll[+ new 
item3 8,sub*apt] ,e4 ,tax on transf]s ( 
s+le-family homes by specifi$ l>ge      
inve/ors404  7c7 ,effective date ,!     
am5dm5ts made by ?is section %all apply 

to sales & transf]s occurr+ aft] ! date 
t is #ah mon?s aft] ! date ( ! enactm5t 
( ?is ,act4  #d4 ,l[-income h\s+        
assi/ance  7a7 ,deposit ( funds ,am\nts 
collect$ 9 any p5alty "u section #c %all
 be deposit$ 9 ! ,h\s+ ,tru/ ,fund      
e/abli%$ "u section #acch ( ! ,f$]al    
,h\s+ ,ent]prises ,f9ancial ,safety &   
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#defh74  7b7 ,use ( funds ,to ! ext5t   
provid$ = 9 advance 9 appropriations    
,acts1 ! am\nts deposit$ 9 ! ,fund %all 
be us$ to increase & pres]ve ! supply ( 
r5tal h\s+ af=dable to extremely l[- & v
 l[-income families1 includ+ homeless   
families1 9 accordance ) su* section    
#acch4  #e4 ,prohibitions on ,f$]al     
mortgage assi/ance  7a7 ,fannie ,mae &  
,fr$die ,mac ,subp>t ,a ( "p #b (       
subtitle ,a ( title ,,xiii ( ! ,h\s+ &  
,community ,developm5t ,act ( #aiib 7#ab
 ,u4,s4,c4 #deda et seq47 is am5d$ by   
add+ at ! end ! foll[+ new section3     
#acbi4 ,prohibition relat+ to specifi$  
l>ge inve/ors ,! ,director %all1 by     

regulation1 prohibit ! ent]prises f     
newly pur*as+ any mortgage on a         
s+le-family h\s+ or any portion !re( 7or
 any int]e/ 9 su* a mortgage71 & f newly
 l5d+ on ! security ( or securitiz+ any 
su* mortgage "u :i* ! mortgagee is a    
specifi$ l>ge inve/or 7z su* t]m is     
def9$ 9 ( ! ,int]nal ,rev5ue ,code (    
#aihf74  4  7b7 ,g9nie ,mae ,section    
#cjb7;c7 ( ! ,national ,h\s+ ,act 7#ab  
,u4,s4,c4 #agag7;c77 is am5d$ by add+ at
 ! end ! foll[+ new p>agraph3  7#f7 ,!  
,association may n newly gu>antee !     
paym5t ( pr9cipal ( or int]e/ on any    
tru/ c]tificate or o!r security bas$ or 
back$ by a tru/ or pool t conta9s1 or   
pur*ase or acquire1 any mortgage "u :i* 
! mortgagee is a specifi$ l>ge inve/or  
7z su* t]m is def9$ 9 section #bhj;,i7b7
 ( ! ,int]nal ,rev5ue ,code ( #aihf74  4