"End Hedge Fund Control of New Jersey Homes Act"; imposes tax on certain investment purchases of certain residential properties.

S 4915, the "End Hedge Fund Control of New Jersey Homes Act," imposes a 50% tax on hedge funds managing $50 million or more in assets when they purchase residential properties with one to four units (like single-family homes or small apartment buildings). It directly affects large investment funds (defined as "hedge fund taxpayers") that buy such properties, excluding non-profits, construction firms, or properties built with public funds. Key exemptions include purchases of less than 50% ownership, properties used as primary residences by fund owners, or properties acquired through foreclosure. The tax applies to all covered properties owned by these funds as of the end of the tax year, with reporting requirements for the Division of Taxation to enforce compliance.