This bill appears to remove the additional $100,000 exemption applied to owner occupied properties that also include a qualified long term rental.
It appears to also create a $500,000 exemption for properties where the rent is no more than 70% of the fair market established by HUD. but this exemption is reduced to $100,000 where the property is valued at more than $500,000.
I believe their may be a mistake is the drafting of this bill if it is intended to provide tax relief to affordable long term rentals.
This bill appears to remove the additional $100,000 exemption applied to owner occupied properties that also include a qualified long term rental.
It appears to also create a $500,000 exemption for properties where the rent is no more than 70% of the fair market established by HUD. but this exemption is reduced to $100,000 where the property is valued at more than $500,000.
I believe their may be a mistake is the drafting of this bill if it is intended to provide tax relief to affordable long term rentals.