US SB3930

Imposes a 15% excise tax on hedge fund taxpayers acquiring single-family residences (1-4 dwelling units) after enactment, with the tax based on the purchase price

Defines "hedge fund taxpayer" as partnerships, corporations, or REITs that manage pooled investor funds, have $50 million or more in net value or assets under management, and act as fiduciaries to investors

Adds a 5 percentage point corporate surtax on hedge fund taxpayers beginning after December 31, 2035

Disallows mortgage interest deductions and depreciation deductions for hedge fund taxpayers in the business of renting or leasing single-family residences, effective for taxable years beginning after December 31, 2030

Exempts properties used as a principal residence by someone with an ownership interest in the acquiring entity, as well as 501(c)(3) nonprofits and organizations primarily engaged in building or rehabilitating homes for sale