American Property Act

Summary

American Property Act This bill imposes an excise tax on foreign persons who own any specified under-utilized residential real property for more than one-half of any taxable year. The amount of such tax is 1% of the estimated value of such property. The bill defines specified under-utilized residential real property as any specified residential property located in the United States that is occupied as a dwelling unit for less than 180 days during the taxable year. Specified residential property means a single-family home or structure consisting of four residential units or less, or a part of a building that is a semi-detached house, rowhouse unit, residential condominium unit or other similar premises that is, or is intended to be, a separate parcel or other division of real property, and includes any land that was conveyed with such home, structure, or building.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 15 December 2022

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• Introduced in House (PDF)

  Introduced in House · EN · 15 December 2022

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• Introduced in House

  summary · EN · 15 December 2022

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