HOMES Act

Sponsor: Emilia Strong Sykes (Democratic-OH)

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Introduced

In Committee

Passed One Chamber

Passed Both Chambers

Signed into Law

Referred to the House Committee on Ways and Means.

Limits tax breaks for companies owning many rental homes.

This bill would stop large property owners from claiming certain tax deductions on their rental homes. It would affect taxpayers who own 50 or more single-family rental properties, meaning they could no longer deduct interest or depreciation costs. This change aims to encourage sales to individual homeowners or affordable housing groups.

What Would Change

Today, taxpayers owning single-family rental properties can generally deduct interest paid on loans and claim depreciation for those properties. After this bill, taxpayers owning 50 or more single-family rental properties would lose these deductions, unless they sell the property to an individual for their main home or to a qualified nonprofit organization.

Key Provisions

Blocks large property owners from deducting interest on loans for their rental homes.
Ends depreciation deductions for large property owners on their rental homes.
Allows these deductions in the year a property is sold to an individual for their main home.
Allows these deductions in the year a property is sold to a qualified affordable housing nonprofit.
Defines a "disqualified single family property owner" as someone owning 50 or more single-family rental properties.
Gives the Treasury Secretary power to make rules to prevent people from avoiding these new limits.

View on Congress.gov

HR 4352 · 119th Congress · AI Summary by gemini-2.5-flash · 9/10

HOMES Act

What Would Change

Key Provisions

Lobbying Activity