1. Short title This Act may be cited as the Affordable Housing and Homeownership Protection Act of 2024 . 2. Tax on certain investor purchases of single-family homes (a) In general Chapter 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subchapter: G Certain home purchases 4499. Tax on certain investor purchases of single-family homes (a) In general There is hereby imposed on each covered investor a tax equal to the applicable percentage of the purchase price paid by such covered investor with respect to any covered home purchase during the taxable year. (b) Applicable percentage For purposes of subsection (a), the applicable percentage is— (1) 1 percent in the case of a medium-sized investor, (2) 3 percent in the case of a large investor, and (3) 5 percent in the case of a giant investor. (c) Covered investor For purposes of this section— (1) In general The term covered investor means any person, other than a person described in paragraph (6), who is a medium-sized investor, large investor, or giant investor. (2) Medium-sized investor The term medium-sized investor means any person who owns more than 15 and not more than 25 single-family homes as of the last day of the taxable year. (3) Large investor The term large investor means any person who owns more than 25 and not more than 100 single-family homes as of the last day of the taxable year. (4) Giant investor The term giant investor means any person who owns more than 100 single-family homes as of the last day of the taxable year. (5) New construction excluded Any new single-family home which is constructed by the taxpayer shall not be taken into account for purposes of this subsection, unless such single-family home replaces a previous single-family home on the same site which was purchased by the taxpayer and replaced with the newly constructed single-family home. (6) Exceptions A person described in this paragraph is— (A) any organization which is exempt from taxation under section 501(a), the primary purpose of