A bill to amend the Internal Revenue Code of 1986 to impose an excise tax on the failure of certain hedge funds owning excess single-family residences to dispose of such residences, and for other purposes.

The bill would impose an excise tax on hedge funds that acquire or retain excess single-family residences, requiring them to either pay a tax on newly acquired homes (15% of purchase price or $10,000, whichever is greater) or face a $5,000 per-unit tax for each home owned above a declining threshold over time. It targets hedge fund taxpayers defined as entities managing pooled investor funds with $50 million or more in assets under management, and applies to single-family residences (1–4 unit properties) acquired on or before the bill’s enactment date. The bill also disallows mortgage interest and depreciation deductions for such properties if the owner is liable for the excise tax, aiming…

No official summary is available here. This one was written by AI from the bill’s text.