"End Hedge Fund Control of New Jersey Homes Act"; imposes tax on certain investment purchases of certain residential properties.
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill, the "End Hedge Fund Control of New Jersey Homes Act," imposes a 50% tax on certain investment purchases of residential properties, specifically single-family and small multi-family homes. It targets commercial entities that manage pooled investor funds, particularly hedge funds, and establishes a gradual reduction in the number of properties these entities can own over time. Several exceptions to the tax apply, including limitations based on property ownership levels and specific circumstances of the property acquisition.
Bill text
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Document of record
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Sponsors
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1 on record
Primary sponsor
Joseph Cryan
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