HR 4352
HOMES Act
Summary
Houses Over Middle-Class Exploitation Schemes Act or the HOMES Act This bill prohibits a taxpayer who owns (directly or indirectly) 50 or more single-family residential rental properties (disqualified single-family property owner) from claiming a federal tax deduction for interest paid (or accrued) in connection with such properties or a federal tax deduction for depreciation in connection with such properties. The bill generally defines a single-family residential rental property as any residential rental property containing four or fewer dwelling units and improvements to real property related to such dwelling units. However, under the bill, a disqualified single-family property owner may still claim a tax deduction for interest and depreciation on (1) single-family residential rental property for which the low-income housing tax credit (LIHTC) may be claimed and (2) certain newly constructed single-family residential rental properties. (The LIHTC program awards tax credits for newly-constructed or substantially rehabilitated low-income housing.) The bill also allows a disqualified single-family property owner to claim a federal tax deduction for interest or depreciation in connection with a single-family residential rental property in the year such property is sold if it is sold to an individual for use as a principal residence; a non-profit organization that creates, develops, or preserves affordable housing; certain community development organizations; a land bank; any resident-owned cooperative or community land trust; or a public housing agency subsidiary.
Bill status
- Status
- In committee
- Sponsor
- Rep. Emilia Strong Sykes [D-OH-13]
- Cosponsors
- 1
- Policy area
- Taxation
- Introduced
- 2025-07-10
- Latest action
- 2025-07-10: Referred to the House Committee on Ways and Means.
Committee referrals
Recent actions
- 2025-07-10: Referred to the House Committee on Ways and Means.
- 2025-07-10: Introduced in House
- 2025-07-10: Introduced in House