{"bill":{"id":"119-hr-4352","congress":119,"type":"HR","number":4352,"title":"HOMES Act","originChamber":"House","introducedDate":"2025-07-10","sponsors":[{"bioguideId":"S001223","fullName":"Rep. Sykes, Emilia Strong [D-OH-13]","party":"D","state":"OH","district":13}],"cosponsorsCount":1,"latestAction":{"actionDate":"2025-07-10","text":"Referred to the House Committee on Ways and Means."},"policyArea":"Taxation","subjects":[],"actions":[{"date":"2025-07-10","text":"Referred to the House Committee on Ways and Means.","type":"IntroReferral","chamber":"House floor actions","hasVote":false},{"date":"2025-07-10","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false},{"date":"2025-07-10","text":"Introduced in House","type":"IntroReferral","chamber":"Library of Congress","hasVote":false}],"summary":"<p><strong>Houses Over Middle-Class Exploitation Schemes Act or the HOMES Act </strong></p><p>This bill prohibits a taxpayer who owns (directly or indirectly) 50 or more single-family&nbsp;residential rental properties (disqualified single-family property owner) from claiming a federal tax deduction for interest paid (or accrued) in connection with such properties or a federal tax deduction for depreciation in connection with such properties.</p><p>The bill generally defines a <em>single-family residential rental property</em> as any residential rental property containing four or fewer dwelling units and improvements to real property related to such dwelling units.</p><p>However, under the bill, a disqualified single-family property owner may still claim a tax deduction for interest and depreciation on (1) single-family residential rental property for which the low-income housing tax credit (LIHTC) may be claimed and (2) certain newly constructed single-family residential rental properties. (The LIHTC program awards tax credits for newly-constructed or substantially rehabilitated low-income housing.)</p><p>The bill also allows a disqualified single-family property owner to claim a federal tax deduction for interest or depreciation in connection with a single-family residential rental property in the year such property is sold if it is sold to</p><ul><li>an individual for use as a principal residence;</li><li>a non-profit organization that creates, develops, or preserves affordable housing;</li><li>certain community development organizations;</li><li>a land bank;</li><li>any resident-owned cooperative or community land trust; or</li><li>a public housing agency subsidiary.</li></ul>","updateDate":"2026-01-26T15:16:10Z"},"markets":[],"stateBills":[],"meta":{"sources":["congress.gov"],"latencyMs":309,"ts":"2026-04-17T07:59:02.823Z"},"nextActions":{"inspect":[],"related":[{"description":"Search related legislation","method":"GET","url":"/api/public/query-gov?q=HOMES%20Act"}]}}