Creates a new federal excise tax on certain taxpayers who hold on to “excess” single‑family homes instead of selling them. It also removes two common tax breaks for those taxpayers: the mortgage interest deduction and the depreciation deduction on single‑family houses they own.

These changes are written into the Internal Revenue Code and apply starting with tax years that begin after the law takes effect. The goal is to push covered owners with more homes than a set limit to sell them, rather than keep them off the market.