To prohibit a State to impose a retroactive tax on assets of nonresident individuals.

HR7619, titled the "Keep Jobs in California Act of 2026," was introduced in the House of Representatives on February 20, 2026, by Rep. Kiley [R-CA-3]. The bill was subsequently referred to the Committee on the Judiciary on the same day. This legislation seeks to prohibit states from imposing a tax on nonresident individuals based on the value of their assets if such tax is attributable to a period before the enactment date of the tax and if the individuals do not reside in that state as of the enactment date. The bill specifies an effective date of January 1, 2026. This bill does not authorize or appropriate any direct funding. Instead, it proposes a regulatory prohibition on state-level taxation practices. The mechanism is a federal preemption, preventing states from enacting certain types of retroactive asset taxes on nonresidents. This could provide a more stable and predictable tax environment for investors, particularly those with significant real estate or private equity holdings across state lines. Structural winners, if this bill were to pass, would include companies with substantial real estate portfolios and those involved in private equity, as it could reduce the risk of unexpected retroactive tax liabilities for their nonresident investors. Companies like Prologis, Inc. ($PLD), Equinix, Inc. ($EQIX), American Tower Corporation ($AMT), Simon Property Group, Inc. ($SPG), and Blackstone Inc. ($BX) operate in sectors that could benefit from such tax clarity. There are no clear structural losers identified by this bill, as it aims to prevent a specific type of taxation rather than impose new burdens. Looking at recent market data, companies in the real estate and finance sectors have shown mixed performance. Over the past 7 days, $PLD is up +2.77% to $132.35, $EQIX is up +5.4% to $1016.08, $AMT is up +3.39% to $176.14, and $SPG is up +4.32% to $190.23. Blackstone Inc. ($BX) is up +0.57% to $112.24. Over the past 30 days, $PLD is down -3.99%, $EQIX is up +6.62%, $AMT is down -6.13%, $SPG is down -5.37%, and $BX is down -2.86%. These movements are not directly attributable to HR7619 given its early stage and the broader market dynamics. As of April 7, 2026, the bill is in its initial legislative stage, having only been introduced and referred to the House Committee on the Judiciary. For the bill to progress, it would need to be considered and passed by this committee, then by the full House, and subsequently go through a similar process in the Senate before potentially being signed into law by the President. Given its early stage, the timeline for potential enactment is uncertain and likely extends over many months.