Real Estate Reciprocity Act

Hozzl · 2025-06-10T22:44:55Z

Explore the details of House Bill 3588 Real Estate Reciprocity Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

6/10/2025, 10:44 PM

Summary of Bill HR 3588

The bill titled "To amend the Internal Revenue Code of 1986" introduced in the 119th Congress as H.R. 3588 on May 23, 2025, aims to mandate the reporting of all real estate purchases by non-citizens to the Internal Revenue Service. Additionally, it proposes imposing a tax on real estate acquisitions by specific non-citizens.

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Current Status of Bill HR 3588

Bill HR 3588 is currently in the status of Bill Introduced since May 23, 2025. Bill HR 3588 was introduced during Congress 119 and was introduced to the House on May 23, 2025. Bill HR 3588's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of May 23, 2025

Bipartisan Support of Bill HR 3588

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

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Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3588

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 3588

To amend the Internal Revenue Code of 1986 to require all real estate purchases by non-citizens to be reported to the Internal Revenue Service, to impose a tax on the purchase of real estate purchases by certain non-citizens, and for other purposes.