HR 3588In committeeTaxeshouse

Real Estate Reciprocity Act

Introduced May 23, 2025 by Rep. Pat Harrigan

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Latest action · May 23, 2025

Referred to the Committee on Ways and Means, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

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What it does

This bill establishes a federal excise tax and information reporting requirements related to the acquisition of real property in the United States by certain persons from countries that prohibit U.S. citizens from owning property (disqualified country).

The excise tax is 50% of the amount paid for the real property by a disqualified person. A disqualified person is

a citizen of a disqualified country (other than a U.S. citizen or lawful permanent resident);

an entity domiciled in a disqualified country;

Read the full summary on Congress.gov

Summary by the Congressional Research Service.

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