Asamblea General de Georgia · Texto completo

HB 864: End Corporate Ownership of Georgia Homes Act; enact

Versión Introduced, la más reciente que tiene LegiScan · Última acción: 28 de marzo de 2025 · Introduced

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House Bill 864

By: Representatives Sanchez of the 42nd, Taylor of the 92nd, Frye of the 122nd, Holly of the 116th, Cummings of the 39th, and others

A BILL TO BE ENTITLED

AN ACT

To amend Chapter 5 of Title 44 of the Official Code of Georgia Annotated, relating to acquisition and loss of property, so as to require corporations to report the number of single-family dwellings they own; to provide for annual reports to the state auditor; to provide for the creation of a public portal listing such reports; to provide for a fine; to provide for definitions; to provide for a short title; to provide for related matters; to provide for an effective date; to repeal conflicting laws; and for other purposes.

BE IT ENACTED BY THE GENERAL ASSEMBLY OF GEORGIA:

SECTION 1.

This Act shall be known and may be cited as the "End Corporate Ownership of Georgia Homes Act."

SECTION 2.

Chapter 5 of Title 44 of the Official Code of Georgia Annotated, relating to acquisition and loss of property, is amended by adding a new article to read as follows: "ARTICLE 2A

44-5-50.

As used in this article, the term:

(1) 'Corporation' means any entity subject to the annual corporate net worth tax provided for by Article 4 of Chapter 13 of Title 48 or any entity that would be subject to such tax if not otherwise excluded by paragraph (2) of Code Section 48-13-71; any person or entity required to file Form 600, Form 600-S, or Form 700; and real estate investment trusts. Such term shall include other persons or entities that own more than 20 single-family dwellings. Such term shall not include limited liability corporations that file as a nonprofit corporation, an entity subject to paragraph (3) of Code Section 48-13-71, and any entity solely engaged in the construction or rehabilitation of single-family dwellings that does not conduct business by or on behalf of a business engaged in another industry.

(2) 'Housing ownership factor' means the total number of single-family dwellings a corporation owns an interest in on July 1, 2025.

(3) 'Interest' means any right, title, or interest in a single-family dwelling.

(4) 'Real estate investment trust' means an entity that has elected such status for federal income tax purposes and meets the requirements of Section 856 of the Internal Revenue Code of 1986, as amended.

(5) 'Single-family dwelling' means any residential property composed of one to four dwelling units. Such term shall not include unoccupied residences acquired through foreclosure.

44-5-51.

(a) On or before December 31, 2025, any corporation owning any interest in a single-family dwelling shall submit a report under penalty of perjury to the state auditor which shall include:

(1) The total number of single-family dwellings in which the corporation has an interest;

(2) A list identifying each single-family dwelling by county, address, and deed book and page number;

(3) The purchase price of each single-family dwelling;

(4) The most recent assessed value of each single-family dwelling; and

(5) The ownership interest in each single-family dwelling.

(b) The state auditor shall provide such reports to the commissioner of revenue and the Department of Community Affairs.

(c) By December 31 of each year starting in 2026, every corporation subject to this article shall submit a report with the information required by subsection (a) of this Code section. The report shall also include any single-family dwelling sold since the previous report and the sale price of such single-family dwelling.

(d) Any corporation that had owned a single-family dwelling on July 1, 2025, but no longer owns the single-family dwelling on December 31, 2025, shall certify such to the state auditor.

44-5-52.

The Department of Community Affairs shall create a public portal listing each corporation that submitted a report pursuant to Code Section 44-5-51. The listing shall include the number of properties owned by the corporation in each county. The Department of Community Affairs shall update the portal by March 31 of each year.

44-5-53.

(a)(1) A corporation shall be permitted to own an interest in single-family dwellings as follows:

(A) By December 31, 2026, a corporation may own an interest in 80 percent of its housing ownership factor;

(B) By December 31, 2027, a corporation may own an interest in 60 percent of its housing ownership factor;

(D) By December 31, 2029, a corporation may own an interest in 20 percent of its housing ownership factor.

(2) Any corporation that at any time owns an interest in single-family dwellings in excess of the number permitted under this subsection shall be subject to a $750,000.00 fine per excess single-family dwelling in which an interest is owned.

(b) Any corporation owning an interest in a single-family dwelling after December 31, 2030, shall be subject to a $750,000.00 fine per single-family dwelling."

SECTION 3.

This Act shall become effective on July 1, 2025.

SECTION 4.

All laws and parts of laws in conflict with this Act are repealed.