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 in net value or assets under management on any day during a taxable year from acquiring any interest in residential land, as defined in the bill, in the Commonwealth and requires registration with the Secretary of the Commonwealth on or after July 1, 2024. The bill requires the Secretary to report annually by December 1 on the registrations and any penalties assessed for failure to register and to submit such report to the Governor and the General Assembly. The bill also requires all real property tax bills to contain notice of such prohibited business ownership restrictions and registration requirements.

A BILL to amend and reenact §§ 55.1-507 and 58.1-3912 of the Code of Virginia and to amend the Code of Virginia by adding in Chapter 5.1 of Title 55.1 a section numbered 55.1-510, relating to prohibited acquisition of residential land; restrictions; civil penalty. 24105234D