MA S1999

Imposes a $10,000,000 excise tax per property on large investors (entities with $10M+ in assets managing pooled investor funds) that own more small residential properties (1-4 units) than permitted under a phased reduction schedule

Requires large investors to divest from Massachusetts small properties over 10 years, reducing holdings by 10% annually until reaching zero; smaller applicable taxpayers may retain up to 50 properties

Creates the Housing Down Payment Trust Fund, administered by the Executive Office of Housing and Livable Communities, to provide down payment assistance grants to first-time homebuyers using revenue collected from the excise tax

Exempts 501(c)(3) nonprofits, organizations primarily engaged in home construction/rehabilitation, affordable housing, properties acquired through foreclosure, and owner-occupied properties from the restrictions

Requires annual reporting to the legislature on investor property holdings, acquisitions, sales, and trust fund grant distributions including demographic data on recipients