S 3673 118th Congress Senate Taxation Government trust funds Low- and moderate-income housing Real estate business Sales and excise taxes

Affordable Housing and Homeownership Protection Act of 2024

Introduced: January 25, 2024 Introduced by: Reed, Jack Democratic · Rhode Island See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 12, 2024

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.

Jan 25, 2024

Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S270)

Jan 25, 2024

Introduced in Senate

Plain-English summary Congressional Research Service

Affordable Housing and Homeownership Protection Act of 2024

This bill imposes an excise tax on a percentage of the price paid by certain investors for the purchase of single-family homes in a taxable year. The amount of the percentage, either 1%, 3%, or 5%, is based on the number of homes owned by an investor. The tax does not apply to new construction, unless such construction replaces an existing single-family home on the same site.

The bill requires the Department of the Treasury to allocate or transfer tax revenue generated by this bill to provide additional funding for the Housing Trust Fund and the Capital Magnet Fund.

The bill increases from $3 milltion to $7 million the minimum allocation of Housing Trust Funds amounts to states for low-income rental housing or home ownership.

What's happening now March 12, 2024

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.

Committees of jurisdiction 2