3.0.0 3588 2026-08-04T13:14:20Z 2026-08-04T13:14:20Z House H HR 2025-05-23 119 https://www.congress.gov/bill/119th-congress/house-bill/3588 [Congressional Record Volume 171, Number 88 (Friday, May 23, 2025)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. HARRIGAN:H.R. 3588.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1 of the Constitution of theUnited States.[Page H2368]]]> hsfa00 Foreign Affairs Committee House Standing Referred To 2025-05-23T14:00:10Z hswm00 Ways and Means Committee House Standing Referred To 2025-05-23T14:00:05Z 2025-05-23 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. IntroReferral H11100 2 House floor actions hsfa00 Foreign Affairs Committee 2025-05-23 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2025-05-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2025-05-23 Introduced in House IntroReferral 1000 9 Library of Congress H001101 Rep. Harrigan, Pat [R-NC-10] Pat Harrigan R NC 10 N Taxation Taxation 2025-06-10T22:44:54Z 00 2025-05-23 Introduced in House 2026-08-04T13:13:06Z Real Estate Reciprocity Act

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; 
  • a disqualified country; and
  • a political subdivision, agency, or instrumentality of a disqualified country.

Under the bill, a disqualified person includes an entity if disqualified persons own (in the aggregate) more than 10% of the entity’s stock. For such an entity, if no more than 50% of the entity’s stock is owned (in the aggregate) by disqualified persons, the excise tax is prorated. 

The bill provides exceptions from the excise tax for (1) persons in the United States due to diplomatic obligations or a grant of asylum, and (2) certain corporations with stock traded on an established U.S. securities market. 

The bill requires information related to the acquisition of U.S. real property by a presumptively disqualified person to be reported to the Internal Revenue Service by persons responsible for closing the transaction or the transferor of the property. Additional reporting requirements apply.

A presumptively disqualified person is any person unless an affidavit is submitted (under penalty of perjury) that such person is not a disqualified person.

]]> Real Estate Reciprocity Act Display Title 45 Real Estate Reciprocity Act 2025-06-03T08:53:20Z Short Title(s) as Introduced 101 Real Estate Reciprocity Act 2025-06-03T08:53:17Z Introduced in House IH Official Title as Introduced 6 To amend the Internal Revenue Code of 1986 to require all real estate purchases by non-citizens to be reported to the Internal Revenue Service, to impose a tax on the purchase of real estate purchases by certain non-citizens, and for other purposes. 2025-06-03T08:48:19Z Introduced in House IH Introduced in House 2025-05-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-119hr3588ih/xml/BILLS-119hr3588ih.xml 2025-05-23 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. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.