Imposes an additional real estate transfer tax on single-family residential property sales by large investors.

The bill amends the tax law to impose an additional real estate transfer tax on the sale or transfer of single-family residential property by certain large investors. The tax rate is equal to the sale price of the property. The tax does not apply to properties used as the principal residence by individual large investors or to properties originally constructed by the taxpayer. The tax is to be paid by the grantee, with the grantor responsible if the grantee fails to pay. The tax takes effect immediately and applies to taxable years beginning on or after January 1, 2027.

Imposes an additional real estate transfer tax on single-family residential property sales by large investors.

The bill amends the tax law to impose an additional real estate transfer tax on the sale or transfer of single-family residential property by certain large investors. The tax rate is equal to the sale price of the property. The tax does not apply to properties used as the principal residence by individual large investors or to properties originally constructed by the taxpayer. The tax is to be paid by the grantee, with the grantor responsible if the grantee fails to pay. The tax takes effect immediately and applies to taxable years beginning on or after January 1, 2027.