Senate Bill 3495
116th Congress(2019-2020)
Home Advantage for American Families Act
Introduced
Introduced in Senate on Mar 12, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3495
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
No Senate votes have been held for this bill.
Summary
Home Advantage for American Families Act
This bill requires any foreign person involved in a transaction related to the sale of residential property located in any of the 15 largest metropolitan statistical areas by population to report to the Department of the Treasury information for identifying the person purchasing the property, the amount and source of the funds received by the seller, the date and nature of the transaction, and other information deemed necessary.
The bill also increases (1) from 15% to 30% the rate of withholding on sales proceeds of certain residential real property, and (2) the low-income housing tax credit state ceiling.
March 12, 2020
03/12/2020
Read twice and referred to the Committee on Finance.
03/12/2020
Introduced in Senate
Public Record
Record Updated
Mar 2, 2022 4:13:00 PM