Home Advantage for American Families Act
- Last Action
- 3/11/2021
Actions
- 2021-03-11Read twice and referred to the Committee on Finance.
- 2021-03-11Introduced in Senate
CRS Summary
As of 2021-03-11 (00)
Home Advantage for American Families Act
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.
Subjects
- 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
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.