,,ii  #aai? ,,congress  #b;d ,session   
,s4 #cged  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,janu>y #cj1 #bjbf,mr4 
,re$ 7= himself1 ,ms4 ,smi?1 ,mr4       
,blum5?al1 ,ms4 ,klobu*>1 ,ms4 ,baldw91 
,mr4 ,:iteh\se1 ,mr4 ,kim1 ,mr4         
,gallego1 ,mr4 ,murphy1 & ,ms4 ,slotk97 
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf to impose a tax on
 ! pur*ase ( s+le-family homes by c]ta9 
l>ge inve/ors1 & = o!r purposes4  #a4   
,%ort title ,?is ,act may be cit$ z !   
,af=dable ,h\s+ & ,home[n]%ip           
,protection ,act ( #bjbf4  #b4 ,tax on  
c]ta9 inve/or pur*ases ( s+le-family    
homes  7a7 ,9 g5]al ,*apt] #cf ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new sub*apt]3 
,g ,c]ta9 home pur*ases  #ddii4 ,tax on 
c]ta9 inve/or pur*ases ( s+le-family    
homes  7a7 ,9 g5]al ,!re is h]eby impos$
 on ea* cov]$ inve/or a tax equal to !  
applicable p]c5tage ( ! pur*ase price   

paid by su* cov]$ inve/or ) respect to  
any cov]$ home pur*ase dur+ ! taxable   
ye>4  7b7 ,applicable p]c5tage ,=       
purposes ( subsection 7a71 ! applicable 
p]c5tage is-- 7#a7 #a p]c5t 9 ! case ( a
 m$ium-siz$ inve/or1  7#b7 #c p]c5t 9 ! 
case ( a l>ge inve/or1 &  7#c7 #e p]c5t 
9 ! case ( a giant inve/or4  7c7 ,cov]$ 
inve/or ,= purposes ( ?is section-- 7#a7
 ,9 g5]al ,! t]m cov]$ inve/or means any
 p]son1 o!r ?an a p]son describ$ 9      
p>agraph 7#f71 :o is a m$ium-siz$       
inve/or1 l>ge inve/or1 or giant inve/or4
  7#b7 ,m$ium-siz$ inve/or ,! t]m       
m$ium-siz$ inve/or means any p]son :o   
owns m ?an #ae & n m ?an #be s+le-family
 homes z ( ! la/ day ( ! taxable ye>4   
7#c7 ,l>ge inve/or ,! t]m l>ge inve/or  
means any p]son :o owns m ?an #be & n m 
?an #ajj s+le-family homes z ( ! la/ day
 ( ! taxable ye>4  7#d7 ,giant inve/or  
,! t]m giant inve/or means any p]son :o 
owns m ?an #ajj s+le-family homes z ( ! 
la/ day ( ! taxable ye>4  7#e7 ,new     
con/ruction exclud$ ,any new s+le-family

 home :i* is con/ruct$ by ! taxpay] %all
 n be tak5 into acc\nt = purposes ( ?is 
subsection1 unless su* s+le-family home 
replaces a previ\s s+le-family home on !
 same site :i* 0 pur*as$ by ! taxpay] & 
replac$ ) ! newly con/ruct$ s+le-family 
home4  7#f7 ,exceptions ,a p]son        
describ$ 9 ?is p>agraph is-- 7,a7 any   
organization :i* is exempt f taxation "u
 section #eja7;a71 ! prim>y purpose (   
:i* is relat$ to af=dable h\s+1 h\s+    
c\nsel+1 or neighborhood /abilization1  
7,b7 any ,/ate or political subdivision 
!re(1  7,c7 any public h\s+ au?ority or 
its in/rum5talities1  7,d7 any l& bank1 
or  7,e7 any community l& tru/4  7d7    
,t]ms relat+ to home pur*ase1 etc ,=    
purposes ( ?is section-- 7#a7 ,cov]$    
home pur*ase  7,a7 ,9 g5]al ,! t]m cov]$
 home pur*ase means ! pur*ase ( a       
s+le-family home by a cov]$ inve/or4    
7,b7 ,new con/ruction ,! con/ruction ( a
 new s+le-family home by ! taxpay] %all 
n be treat$ z a pur*ase1 unless su* new 
s+le-family home is tak5 into acc\nt =  

purposes ( subsection 7c7 by reason (   
p>agraph 7#e7 !re(4  7#b7 ,pur*ase price
 ,! t]m pur*ase price means ! total     
am\nt paid1 includ+ ! am\nt ( any       
indebt$ness incurr$ or assum$1 by !     
taxpay] to acquire a s+le-family home f 
! sell]4  7#c7 ,s+le-family home ,! t]m 
s+le-family home has ! mean+ giv5 su*   
t]m by section #ha4b ( title #bd1 ,code 
( ,f$]al ,regulations4  7#d7 ,own ,! t]m
 own means directly or indirectly       
possess+ a majority int]e/ 9 a          
s+le-family home4  7e7 ,aggregation     
rules  7#a7 ,9 g5]al ,except z o!rwise  
provid$ 9 p>agraph 7#b71 all p]sons     
treat$ z a s+le employ] "u subsection   
7a7 or 7b7 ( section #eb1 or subsection 
7m7 or 7o7 ( section #dad1 %all be      
treat$ z #a p]son = purposes ( ?is      
section4  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 ( p>agraph 7#b71 ! t]m        
compon5t memb] has ! mean+ giv5 su* t]m 
by section #aefc7;b71 det]m9$ )\t reg>d 
to p>agraph 7#b7 !re(4  7#d7            
,acquisition ( homes by relat$ p>ties   
7,a7 ,9 g5]al ,= purposes ( det]m9+ !   
numb] ( homes own$ or pur*as$ by a cov]$
 inve/or1 a cov]$ home pur*ase by a     
p]son be>+ a relation%ip to ! cov]$     
inve/or specifi$ 9 section #bfg7;b7 or  
#gjg7;b77#a71 f a p]son :o does n be>   
su* a relation%ip to ! cov]$ inve/or1   
%all be treat$ z a cov]$ home pur*ase by
 ! cov]$ inve/or4  7,b7 ,memb]s ( family
 ,= purposes ( ?is p>agraph1 sections   
#bfg7;b7 & #gjg7;b77#a7 %all be appli$ z
 if section #bfg7;c77#d7 provid$ t !    
family ( an individual consi/s ( !      
individual's sp\se1 ! individual's      
*ildr51 gr&*ildr51 & p>5ts1 & any sp\se 

( ! individual's *ildr5 or gr&*ildr54   
7,c7 ,exception ,?is p>agraph %all n    
apply to ! pur*ase or own]%ip by any    
individual ( a home :i* is ! pr9cipal   
resid5ce 7)9 ! mean+ ( section #aba7 ( !
 individual4  7f7 ,report+ ,ea* p]son :o
 is a cov]$ inve/or = ! taxable ye> %all
 atta* to ! return ( ! tax impos$ by ?is
 section a report conta9+ in=mation1 9  
su* =m z ! ,secret>y %all prescribe1    
on-- 7#a7 ! numb] ( s+le-family homes   
own$ on ! la/ day ( ! taxable ye> by su*
 p]son1 &  7#b7 ! numb] ( s+le-family   
homes pur*as$ by su* p]son dur+ !       
taxable ye>4  4  7b7 ,cl]ical am5dm5t ,!
 table ( sub*apt]s = *apt] #cf ( !      
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by add+ at ! end ! foll[+ new item3     
,,sub*apt] ,g--,c]ta9 home pur*ases  4  
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply to taxable ye>s  
beg9n+ aft] ,decemb] #ca1 #bjbe4  #c4   
,rev5ues ,! ,secret>y ( ! ,treasury %all
 allocate or o!rwise transf] su* rev5ues
 result+ f ! tax impos$ by section #ddii

 ( ! ,int]nal ,rev5ue ,code ( #aihf z   
foll[s3 7#a7 #fe p]c5t ( su* am\nts to !
 ,secret>y ( ,h\s+ & ,urban ,developm5t 
to provide additional fund+ = ! ,h\s+   
,tru/ ,fund e/abli%$ "u section         
#acch7;a7 ( ! ,f$]al ,h\s+ ,ent]prises  
,f9ancial ,safety & ,s\ndness ,act (    
#aiib 7#ab ,u4,s4,c4 #defh7;a774  7#b7  
#ce p]c5t ( su* am\nts to provide       
additional fund+ = ! ,capital ,magnet   
,fund e/abli%$ "u section #acci7;a7 ( ! 
,f$]al ,h\s+ ,ent]prises ,f9ancial      
,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #defi7;a774  #d4 ,h\s+ ,tru/  
,fund small ,/ate m9imum ,section       
#acch7;c77#d77;,c7 ( ! ,f$]al ,h\s+     
,ent]prises ,f9ancial ,safety &         
,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4   
#defh7;c77#d77;,c77 is am5d$ by /rik+   
#c1jjj1jjj ea* place t t]m appe>s &     
ins]t+ #a4a p]c5t ( am\nts made         
available "u ?is subsection 9 a fiscal  
ye>4