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Same law as has been in-place for years already.
IE if you're buying&selling with the intention of making a profit, you're to pay tax on the profit.
Most don't declare and don't pay tax.
AFAIK Law change is around reporting requirements, if the house is being resold within 2 years you're going to have to fill in some forms for this 'brightline test' to determine if you should be taxed or not.
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