S.788

The HOPE for Homeownership Act imposes an excise tax on hedge funds owning excess single-family residences and disallows mortgage interest and.

The HOPE (Humans over Private Equity) for Homeownership Act amends the Internal Revenue Code to impose an excise tax on hedge funds owning excess single-family residences. The tax applies to hedge fund taxpayers with $50 million or more in net value or assets under management. It disallows mortgage interest and depreciation deductions for single-family residences owned by these taxpayers. The act defines "applicable taxpayer" as entities managing funds pooled from investors and defines "single-family residence" as a residential property with 1-4 dwelling units.