H.R. 8920: Restoring the American Homebuyers Dream Act

This bill, titled the Restoring the American Homebuyers Dream Act, proposes an amendment to the Internal Revenue Code of 1986. Its main goal is to allow the Secretary of the Treasury to share information connected to Individual Taxpayer Identification Numbers (ITINs) with the Department of Homeland Security (DHS).

Key Components of the Bill

• Disclosure of ITIN Information: The bill allows the Secretary of the Treasury to disclose personal information about individuals who have ITINs to the DHS if requested for immigration enforcement purposes. This includes:
• The individual's name, address, and ITIN.
• The individual's tax filing status.
• Information about any dependents over 18 years of age claimed by the individual.
• Information about a claimed spouse, if applicable.
• Any other identifying information deemed necessary by the Secretary to verify identity or immigration status.

Purpose of the Bill

The bill states that unchecked illegal immigration has contributed to housing market challenges for American families, leading to increased housing costs. It asserts that there is a direct correlation between rising housing costs and illegal immigration, indicating that these issues have been particularly pronounced in areas with high illegal immigration rates. The bill further claims that individuals without legal immigration status have utilized ITINs to obtain housing loans, competing with American homebuyers.

Limitations on Use of Information

Information disclosed to DHS under this bill is intended solely for the enforcement of immigration laws. It will be subject to safeguards similar to those protecting taxpayer information, ensuring that the information is handled with care and confidentiality.

Effective Date

The provisions of this bill will take effect for disclosures made after the bill is enacted.

Relevant Companies

None found