HOPE (Humans over Private Equity) for Homeownership Act

This bill would create a federal excise tax equal to 15 percent of the purchase price when a "hedge fund taxpayer" buys a residential property with 1 to 4 housing units. A hedge fund taxpayer is a partnership, corporation, or real estate investment trust that manages pooled investor money, has $50 million or more in net value or assets under management, and acts as a fiduciary for its investors; charities and home builders that sell homes are excluded. Starting in tax years after 2030, such entities that rent out single-family homes could not deduct mortgage interest or depreciation on those homes. Starting in tax years after 2035, the corporate income tax rate for these entities would rise by 5 percentage points, and their rental businesses could not use the qualified business income deduction.

Full text and official record on Congress.gov

Sponsors

• Jeff Merkley Democrat sponsor
• 1 cosponsors