SB 693

Abstract

Prohibited acquisition of residential land;restrictions; civil penalty. Restricts any partnership, corporation,or real estate investment trust that manages funds pooled from investors,is a fiduciary to such investors, and has $50 million or more innet value or assets under management on any day during a taxableyear from acquiring any interest in residential land, as definedin the bill, in the Commonwealth and requires registration with the Secretary of the Commonwealth on or after July 1, 2024. The billrequires the Secretary to report annually by December 1 on the registrationsand any penalties assessed for failure to register and to submit such report to the Governor and the General Assembly. The bill alsorequires all real property tax bills to contain notice of such prohibitedbusiness ownership restrictions and registration requirements.