,,ii #aaith ,,congress #b;d ,session ,s4 #cged ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,january #cj1 #bjbf,mr4 ,reed 7for himself1 ,ms4 ,smith1 ,mr4 ,blumenthal1 ,ms4 ,klobuchar1 ,ms4 ,baldwin1 ,mr4 ,whitehouse1 ,mr4 ,kim1 ,mr4 ,gallego1 ,mr4 ,murphy1 and ,ms4 ,slotkin7 introduced the following bill2 which was read twice and referred to the ,committee on ,finance ,a ,,bill ,to amend the ,internal ,revenue ,code of #aihf to impose a tax on the purchase of single-family homes by certain large investors1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,affordable ,housing and ,homeownership ,protection ,act of #bjbf4 #b4 ,tax on certain investor purchases of single-family homes 7a7 ,in general ,chapter #cf of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new subchapter3 ,g ,certain home purchases #ddii4 ,tax on certain investor purchases of single-family homes 7a7 ,in general ,there is hereby imposed on each covered investor a tax equal to the applicable percentage of the purchase price paid by such covered investor with respect to any covered home purchase during the taxable year4 7b7 ,applicable percentage ,for purposes of subsection 7a71 the applicable percentage is-- 7#a7 #a percent in the case of a medium-sized investor1 7#b7 #c percent in the case of a large investor1 and 7#c7 #e percent in the case of a giant investor4 7c7 ,covered investor ,for purposes of this section-- 7#a7 ,in general ,the term covered investor means any person1 other than a person described in paragraph 7#f71 who is a medium-sized investor1 large investor1 or giant investor4 7#b7 ,medium-sized investor ,the term medium-sized investor means any person who owns more than #ae and not more than #be single-family homes as of the last day of the taxable year4 7#c7 ,large investor ,the term large investor means any person who owns more than #be and not more than #ajj single-family homes as of the last day of the taxable year4 7#d7 ,giant investor ,the term giant investor means any person who owns more than #ajj single-family homes as of the last day of the taxable year4 7#e7 ,new construction excluded ,any new single-family home which is constructed by the taxpayer shall not be taken into account for purposes of this subsection1 unless such single-family home replaces a previous single-family home on the same site which was purchased by the taxpayer and replaced with the newly constructed single-family home4 7#f7 ,exceptions ,a person described in this paragraph is-- 7,a7 any organization which is exempt from taxation under section #eja7;a71 the primary purpose of which is related to affordable housing1 housing counseling1 or neighborhood stabilization1 7,b7 any ,state or political subdivision thereof1 7,c7 any public housing authority or its instrumentalities1 7,d7 any land bank1 or 7,e7 any community land trust4 7d7 ,terms relating to home purchase1 etc ,for purposes of this section-- 7#a7 ,covered home purchase 7,a7 ,in general ,the term covered home purchase means the purchase of a single-family home by a covered investor4 7,b7 ,new construction ,the construction of a new single-family home by the taxpayer shall not be treated as a purchase1 unless such new single-family home is taken into account for purposes of subsection 7c7 by reason of paragraph 7#e7 thereof4 7#b7 ,purchase price ,the term purchase price means the total amount paid1 including the amount of any indebtedness incurred or assumed1 by the taxpayer to acquire a single-family home from the seller4 7#c7 ,single-family home ,the term single-family home has the meaning given such term by section #ha4b of title #bd1 ,code of ,federal ,regulations4 7#d7 ,own ,the term own means directly or indirectly possessing a majority interest in a single-family home4 7e7 ,aggregation rules 7#a7 ,in general ,except as otherwise provided in paragraph 7#b71 all persons treated as a single employer under subsection 7a7 or 7b7 of section #eb1 or subsection 7m7 or 7o7 of section #dad1 shall be treated as #a person for purposes of this section4 7#b7 ,modifications ,for purposes of this subsection-- 7,a7 section #eb7;a7 shall be applied by substituting component members for members1 and 7,b7 for purposes of applying section #eb7;b71 the term trade or business shall include any activity treated as a trade or business under paragraph 7#e7 or 7#f7 of section #dfi7;c7 7determined without regard to the phrase ,to the extent provided in regulations in such paragraph 7#f774 7#c7 ,component member ,for purposes of paragraph 7#b71 the term component member has the meaning given such term by section #aefc7;b71 determined without regard to paragraph 7#b7 thereof4 7#d7 ,acquisition of homes by related parties 7,a7 ,in general ,for purposes of determining the number of homes owned or purchased by a covered investor1 a covered home purchase by a person bearing a relationship to the covered investor specified in section #bfg7;b7 or #gjg7;b77#a71 from a person who does not bear such a relationship to the covered investor1 shall be treated as a covered home purchase by the covered investor4 7,b7 ,members of family ,for purposes of this paragraph1 sections #bfg7;b7 and #gjg7;b77#a7 shall be applied as if section #bfg7;c77#d7 provided that the family of an individual consists of the individual's spouse1 the individual's children1 grandchildren1 and parents1 and any spouse of the individual's children or grandchildren4 7,c7 ,exception ,this paragraph shall not apply to the purchase or ownership by any individual of a home which is the principal residence 7within the meaning of section #aba7 of the individual4 7f7 ,reporting ,each person who is a covered investor for the taxable year shall attach to the return of the tax imposed by this section a report containing information1 in such form as the ,secretary shall prescribe1 on-- 7#a7 the number of single-family homes owned on the last day of the taxable year by such person1 and 7#b7 the number of single-family homes purchased by such person during the taxable year4 4 7b7 ,clerical amendment ,the table of subchapters for chapter #cf of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following new item3 ,,subchapter ,g--,certain home purchases 4 7c7 ,effective date ,the amendments made by this section shall apply to taxable years beginning after ,december #ca1 #bjbe4 #c4 ,revenues ,the ,secretary of the ,treasury shall allocate or otherwise transfer such revenues resulting from the tax imposed by section #ddii of the ,internal ,revenue ,code of #aihf as follows3 7#a7 #fe percent of such amounts to the ,secretary of ,housing and ,urban ,development to provide additional funding for the ,housing ,trust ,fund established under section #acch7;a7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defh7;a774 7#b7 #ce percent of such amounts to provide additional funding for the ,capital ,magnet ,fund established under section #acci7;a7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defi7;a774 #d4 ,housing ,trust ,fund small ,state minimum ,section #acch7;c77#d77;,c7 of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defh7;c77#d77;,c77 is amended by striking #c1jjj1jjj each place that term appears and inserting #a4a percent of amounts made available under this subsection in a fiscal year4