Real Estate Reciprocity Act

This bill creates a new federal tax on people from countries that don't allow U.S. citizens to own property in those countries. If someone from one of those countries buys real estate in the United States, they would have to pay a tax equal to 50% of the purchase price. The tax also applies to businesses and government entities from those countries, though there are exceptions for diplomats, people granted asylum, and certain companies traded on U.S. stock markets. The bill also requires that people involved in closing real estate deals report information about these purchases to the IRS, and buyers are assumed to owe the tax unless they submit a sworn statement saying they are not covered by the law.

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