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Home Advantage for American Families Act of 2023

12/15/2023, 4:06 PM

Congressional Summary of S 551

Home Advantage for American Families Act of 2023

This bill requires any foreign person involved in a transaction related to the sale of residential property located in any of the 15 largest metropolitan statistical areas by population to report to the Department of the Treasury information for identifying the person purchasing the property, the amount and source of the funds received by the seller, the date and nature of the transaction, and other information deemed necessary.

The bill also increases (1) from 15% to 30% the rate of withholding on sales proceeds of certain residential real property, and (2) the low-income housing tax credit state ceiling.

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Current Status of Bill S 551

Bill S 551 is currently in the status of Bill Introduced since February 28, 2023. Bill S 551 was introduced during Congress 118 and was introduced to the Senate on February 28, 2023.  Bill S 551's most recent activity was Read twice and referred to the Committee on Finance. as of February 28, 2023

Bipartisan Support of Bill S 551

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill S 551

Primary Policy Focus

Taxation

Potential Impact Areas

- Foreign property
- Government information and archives
- Housing finance and home ownership
- Income tax credits
- Low- and moderate-income housing
- Real estate business
- Tax administration and collection, taxpayers
- U.S. and foreign investments

Alternate Title(s) of Bill S 551

Home Advantage for American Families Act of 2023
Home Advantage for American Families Act of 2023
A bill to reduce the excessive appreciation of United States residential real estate due to foreign purchases.

Comments

Sponsors and Cosponsors of S 551

Marco Rubio
Marco Rubio
FloridaRepublican

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