The HOPE for Homeownership Act imposes a 15% excise tax on the acquisition of single-family residences by hedge fund taxpayers.
The HOPE (Humans over Private Equity) for Homeownership Act amends the Internal Revenue Code to impose an excise tax on the acquisition of single-family residences by hedge fund taxpayers. A hedge fund taxpayer is defined as an applicable entity managing funds pooled from investors with $50 million or more in net value or assets under management. The tax is equal to 15% of the purchase price of the residence. Additionally, the bill disallows deductions for mortgage interest and depreciation on single-family residences owned by hedge fund taxpayers.
The filed bill text is too short for analysis.