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Internal Revenue Code of 1986

The official body of U.S. federal tax laws.

Deduction

An amount that can be subtracted from taxable income, reducing the total amount of tax owed.

Interest paid or accrued

Money paid or owed for the use of borrowed money (a loan), which in some cases can be deducted from income for tax purposes.

Institutional investment entity

A large organization, such as a corporation, investment fund, or other financial institution, that invests in real estate.

Large owner

A property owner who holds a significant number of residential properties, often more than an individual would typically own.

Applicable residential property

Any property used for residential purposes, such as houses or apartment buildings, that falls under the scope of this bill's tax changes.

Qualified nonprofit organization

A non-profit group that focuses on creating, developing, or preserving affordable housing, as defined by specific criteria in the bill.