Maryland HB1188 imposes an excise tax on entities owning multiple single-family residences, aiming to curb hedge fund control of homes.

Maryland HB1188 introduces an excise tax on entities owning multiple single-family residences, specifically targeting hedge funds. The tax rate is 50% of the fair market value of each additional residence beyond a certain limit, which decreases over four years. The revenue generated funds the Down Payment and Settlement Expense Loan Program, aiding homebuyers. The bill also outlines penalties for non-compliance and defines terms such as "applicable taxpayer" and "single-family residence." The tax takes effect July 1, 2026.

Maryland HB1188 imposes an excise tax on entities owning multiple single-family residences, aiming to curb hedge fund control of homes.

Maryland HB1188 introduces an excise tax on entities owning multiple single-family residences, specifically targeting hedge funds. The tax rate is 50% of the fair market value of each additional residence beyond a certain limit, which decreases over four years. The revenue generated funds the Down Payment and Settlement Expense Loan Program, aiding homebuyers. The bill also outlines penalties for non-compliance and defines terms such as "applicable taxpayer" and "single-family residence." The tax takes effect July 1, 2026.