Vermont H 607: An act relating to increasing the supply of nurses and primary care providers in Vermont

Bill Text

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H.607 1
Introduced by Representative Krasnow of South Burlington 2
Referred to Committee on 3
Date: 4
Subject: Commerce and trade; property; housing; corporations; taxation 5
Statement of purpose of bill as introduced: This bill proposes to require that 6
institutional real estate investors wait 90 days prior to the purchase or 7
acquisition of single- and two-family residences and to eliminate tax 8
deductions for depreciation or interest related to these properties for 9
institutional real estate investors. 10
An act relating to institutional real estate investors’ purchase of single- and 11
two-family residences 12
It is hereby enacted by the General Assembly of the State of Vermont: 13
Sec. 1. 27 V.S.A. § 547 is added to read: 14
§ 547. REAL ESTATE INVESTORS; 90-DAY WAITING PERIOD FOR 15
PURCHASE 16
(a) Definitions. As used in this section: 17
(1)(A) “Covered entity” means an institutional real estate investor or an 18
entity that receives funding from an institutional real estate investor for the 19
purchase of a single-family residence or two-family residence. A loan 20

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provided in exchange for a mortgage of the residence that is being purchased 1
shall not be considered funding for the purposes of this subdivision (1), 2
provided that such mortgage shall be of a type for which members of the 3
general public can apply. 4
(B) “Covered entity” does not include: 5
(i) an organization that is described in section 501(c)(3) of the 6
Internal Revenue Code and exempt from tax under section 501(a) of the 7
Internal Revenue Code; 8
(ii) a land bank; 9
(iii) a community land trust; or 10
(iv) a creditor or its loan servicer acquiring ownership of real 11
property in full or partial satisfaction of a secured debt. 12
(2)(A) “Institutional real estate investor” means an entity or combined 13
group that, directly or indirectly: 14
(i) owns 10 or more single-family residences or two-family 15
residences, or both; 16
(ii) manages or receives funds pooled from investors and acts as a 17
fiduciary with respect to one or more investors; and 18
(iii) has $30,000,000.00 or more in net value or assets under 19
management on any day during the taxable year. 20

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(B) An entity is considered owning a single-family residence or two-1
family residence if it directly owns the single-family residence or two-family 2
residence or indirectly owns 10 percent or more of the single-family residence 3
or two-family residence. 4
(3) “Single-family residence” means a residential property consisting of 5
one dwelling unit, provided that the term does not include: 6
(A) any single-family residence that is to be used as the principal 7
residence of any person who has an ownership interest in the covered entity 8
that seeks to purchase the single-family residence; or 9
(B) any single-family residence constructed, acquired, or operated 10
with federal, state, or local appropriated funding sources. 11
(4) “Two-family residence” means a residential property consisting of 12
two dwelling units, provided that the term does not include: 13
(A) any two-family residence in which one of the dwelling units is to 14
be used as the principal residence of any person who has an ownership interest 15
in the covered entity that seeks to purchase the two-family residence; or 16
(B) any two-family residence constructed, acquired, or operated with 17
federal, state, or local appropriated funding sources. 18
(b) 90-day waiting period for covered entities. 19
(1) Notwithstanding any other provision of law to the contrary, a 20
covered entity shall not purchase, acquire, or offer to purchase or acquire any 21

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interest in a single-family residence or two-family residence, unless the single-1
family residence or two-family residence has been listed for sale to the general 2
public for at least 90 days. 3
(2) The 90-day waiting period set forth in subdivision (1) of this 4
subsection shall restart if the seller changes the asking price for the single-5
family residence or two-family residence, and a covered entity shall not 6
purchase, acquire, or offer to purchase or acquire any interest in the single-7
family residence or two-family residence until it has been listed for sale to the 8
general public at the new asking price for at least an additional 90 days. 9
(c) Enforcement. A violation of this section shall be deemed an unfair 10
method of competition in violation of 9 V.S.A. § 2453 and the Attorney 11
General may restrain prohibited acts in accordance with 9 V.S.A. chapter 63. 12
Sec. 2. 32 V.S.A. § 5811(18) is amended to read: 13
(18) “Vermont net income” means, for any taxable year and for any 14
corporate taxpayer: 15
(A) the taxable income of the taxpayer for that taxable year under the 16
laws of the Unit