S 969 ยท Stop Predatory Investing Act
Read twice and referred to the Committee on Finance.
- Introduced
- Mar 11, 2025
- Latest action
- Mar 11, 2025
- Sponsor
- Sen. Raphael G. Warnock [D-GA]
- Policy area
- Taxation
- Cosponsors
- 12
Summary
Stop Predatory Investing 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.
Recent actions
- Mar 11, 2025 Read twice and referred to the Committee on Finance.
- Mar 11, 2025 Introduced in Senate
Votes
No recorded votes are available for this bill.