Real Estate Reciprocity Act

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [H.R. 3588 Introduced in House (IH)] <DOC> 119th CONGRESS 1st Session H. R. 3588 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. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES May 23, 2025 Mr. Harrigan introduced the following bill; which was 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 _______________________________________________________________________ A BILL 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. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Real Estate Reciprocity Act''. SEC. 2. RETURNS WITH RESPECT TO FOREIGN PERSONS HOLDING DIRECT INVESTMENTS IN UNITED STATES REAL PROPERTY INTERESTS. (a) Required Return.--Section 6039C(a) of the Internal Revenue Code of 1986 is amended by striking ``To the extent provided in regulations, any'' and inserting ``Any''. (b) Dollar Threshold Removed.--Section 6039C(b) of such Code is amended by striking ``during any calendar year if--'' and all that follows through the period and inserting ``during any calendar year if such person did not engage in a trade or business in the United States at any time during such calendar year''. (c) Effective Date.--Th