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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.
Read the Full Bill
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
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill S 551
Primary Policy Focus
TaxationPotential 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
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