The bill imposes a 15% excise tax on hedge funds acquiring single-family residences. Corporations meeting specified hedge fund criteria face a 5% surtax increase. It disallows certain deductions for hedge funds renting or leasing single-family residences, affecting mortgage interest and depreciation. The bill defines hedge fund taxpayers and single-family residences. It modifies the calculation of qualified business income to exclude the trade or business of hedge fund taxpayers. These provisions apply to taxable years starting after the respective enactment dates, from 2030 to 2035.