119th Congress Taxation
S. 969: Stop Predatory Investing Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill prohibits a taxpayer who owns (directly or indirectly) 50 or more single-family residential rental properties (disqualified single-family property owner) from claiming a federal tax deduction for interest paid (or accrued) in connection with such properties or a federal tax deduction for depreciation in connection with such properties.
The bill generally defines a single-family residential rental property as any residential rental property containing four or fewer dwelling units and improvements to real property related to such dwelling units.
However, under the bill, a disqualified single-family property owner may still claim a tax deduction for interest and depreciation on (1) single-family residential rental property for which the low-income housing tax credit (LIHTC) may be claimed and (2) certain newly constructed single-family residential rental properties. (The LIHTC program awards tax credits for newly-constructed or substantially rehabilitated low-income housing.)
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The bill also allows a disqualified single-family property owner to claim a federal tax deduction for interest or depreciation in connection with a single-family residential rental property in the year such property is sold if it is sold to
- an individual for use as a principal residence;
- a non-profit organization that creates, develops, or preserves affordable housing;
- certain community development organizations;
- a land bank;
- any resident-owned cooperative or community land trust; or
- a public housing agency subsidiary.
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
- Cory Booker D-NJOriginal
- Ruben Gallego D-AZOriginal
- Amy Klobuchar D-MNOriginal
- John Reed D-RIOriginal
- Bernard Sanders I-VTOriginal
- Tina Smith D-MNOriginal
- Ron Wyden D-OROriginal
- Peter Welch D-VTOriginal
- Elizabeth Warren D-MAOriginal
- Martin Heinrich D-NM
Who scored on this bill
- 1Raphael Warnock SponsorDrew cross-party cosponsors, introduced2 events+6
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Raphael Warnock
- S.J.Res. 140: Disapproval of Bureau of Consumer Financial Protection rule: Withdrawal of the rule relating to "Fair Credit Reporting; Name-Only Matching Procedures"
- S.J.Res. 141: Disapproval of Bureau of Consumer Financial Protection relating to the withdrawal of the rule rule: Debt Collection Practices (Regulation F); Deceptive and Unfair Collection of Medical Debt
- S. 759: Beagle Brigade Act of 2023
History
- Introduced in the Senate by Raphael Warnock.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.