Stop Predatory Investing Act

Bill 119 s 969, also known as the "Real Estate Tax Fairness Act," is a proposed piece of legislation that aims to make changes to the Internal Revenue Code of 1986. The main purpose of this bill is to prevent taxpayers who own 50 or more single family properties from being able to claim deductions for interest and depreciation on those properties.

If this bill were to become law, it would mean that individuals or companies who own a large number of single family properties would no longer be able to reduce their taxable income by deducting the interest they pay on mortgages or loans for those properties, as well as the depreciation of the properties over time.

The rationale behind this proposed change is to level the playing field in the real estate market and prevent large property owners from receiving what some may see as unfair tax advantages. By disallowing these deductions for those who own 50 or more single family properties, the government hopes to create a more equitable tax system for all taxpayers. It is important to note that this bill is still in the early stages of the legislative process and has not yet been passed into law. It will need to go through several steps in Congress before it can be enacted, including committee review, debate, and a vote in both the House of Representatives and the Senate. Overall, Bill 119 s 969 represents an effort to reform the tax code in a way that could impact large property owners, particularly those who own a significant number of single family properties. If passed, this legislation would have significant implications for how these taxpayers are able to deduct expenses related to their real estate investments.