PlainBillCongress, translated.Legislation. Context. Public interest.Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.
Congressional Research Service
Version 00 · Introduced in Senate · Jan 25, 2024
Affordable Housing and Homeownership Protection Act of 2024
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.
People & committees
Sen. Reed, Jack [D-RI] · D–RI
Legislative record
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Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-548.
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S270)
Introduced in Senate
Primary sources
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No related bills are listed in this snapshot. This does not establish whether the proposal has appeared in earlier Congresses.
Source last updated: May 27, 2026. Consult Congress.gov for the current record.
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Analyze S.3673 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
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