MD SB510

Imposes a 50% excise tax on the fair market value of single-family residences acquired by investment entities (corporations, LLCs, partnerships, REITs) that manage pooled investor funds

Requires "hedge fund taxpayers" (entities with $50 million+ in net value or assets under management) to fully divest from all Maryland single-family residences within 4 years, reducing holdings by 20% annually

Allows smaller applicable taxpayers to retain up to 25 single-family residences after the 4-year phase-out period, with annual reduction requirements of 20% of excess holdings

Imposes a $10,000 annual penalty per property for each single-family residence owned above the permitted maximum

Directs all tax revenue (after administrative costs) to a new Down Payment and Settlement Expense Loan Program Fund to help eligible homebuyers with down payments and closing costs