118th Congress Taxation
S. 3673: Affordable Housing and Homeownership Protection Act of 2024
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Tammy Baldwin D-WIOriginal
- Richard Blumenthal D-CTOriginal
- John Fetterman D-PAOriginal
- Kirsten Gillibrand D-NYOriginal
- Amy Klobuchar D-MNOriginal
- Tina Smith D-MNOriginal
- Sheldon Whitehouse D-RI
Who scored on this bill
No member has earned points from it yet.
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Other bills by John Reed
- S. 4110: EMPOWER for Health Act
- S. 4109: Stem Cell Therapeutic and Research Reauthorization Act of 2026
- S.J.Res. 132: Disapproval of Bureau of Consumer Financial Protection relating to the withdrawal of the rule rule: Examinations for Risks to Active-Duty Servicemembers and Their Covered Dependents
- S.J.Res. 134: Disapproval of Bureau of Consumer Financial Protection relating to the withdrawal of the rule rule: Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans
- S. 1467: Homebuyers Privacy Protection Act
- S. 3502: Homebuyers Privacy Protection Act
History
- Introduced in the Senate by John Reed.
Show the full action history (3 actions)
- Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.
- Introduced in Senate
- Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S270)