HOMES Act

This bill changes tax rules for people or companies that own 50 or more single-family rental homes. These large owners would no longer be able to claim federal tax deductions for mortgage interest or depreciation on their rental properties. The bill makes exceptions for affordable housing properties that qualify for low-income tax credits and some newly built rentals. Large owners can still claim these tax deductions in the year they sell a property if they sell it to someone who will live in it as their main home, or to certain organizations that provide affordable housing.

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