S 551 · 118th Congress 2023–2025, ended

Home Advantage for American Families Act of 2023

Introduced Feb 28, 2023 Originated Senate Sponsor Marco Rubio R-FL

Fact sheet

Latest action · Feb 28, 2023 Read twice and referred to the Committee on Finance.

Progress

Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.

  1. IntroducedFeb 28, 2023
  2. Passed SenateNot reached
  3. Passed HouseNot reached
  4. To the PresidentNot reached
  5. Became lawNot reached

Summary

Home Advantage for American Families Act of 2023

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.

Cosponsors

Members who signed on, in the order they did.

No cosponsors are on file for this measure.

Actions 2

Everything that happened, newest first.

  1. Feb 28, 2023Introduced in Senate
  2. Feb 28, 2023Read twice and referred to the Committee on Finance.

Related bills 1

Companion bills and other measures the record links to this one.

BillTitleRelationshipLatest action
HR 3533Home Advantage for American Families ActRelated billMay 18, 2023

Subjects

Assigned by the Library of Congress. Policy area: Taxation.

Text 1

Each version as it was printed, newest first.

  1. Feb 28, 2023Introduced in Senate

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Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.