summary
Introduced
03/01/2023
03/01/2023
In Committee
03/01/2023
03/01/2023
Crossed Over
Passed
Dead
01/03/2025
01/03/2025
Introduced Session
118th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale of a principal residence, and for other purposes.
AI Summary
This bill, the "More Homes on the Market Act," aims to amend the Internal Revenue Code to increase the exclusion of gain from the sale of a principal residence. Specifically, it raises the exclusion amount from $250,000 to $500,000 for individual taxpayers and from $500,000 to $1,000,000 for married couples filing jointly. Additionally, the bill includes an inflation adjustment provision to ensure these amounts keep pace with the cost of living. The changes made by this bill would apply to sales and exchanges occurring after the date of the bill's enactment.
Committee Categories
Budget and Finance
Sponsors (72)
Jimmy Panetta (D)*,
Don Bacon (R),
Nanette Barragán (D),
Gus Bilirakis (R),
Julia Brownley (D),
Ken Calvert (R),
Yadira Caraveo (D),
Salud Carbajal (D),
Matt Cartwright (D),
Sean Casten (D),
Emanuel Cleaver (D),
Lou Correa (D),
Jim Costa (D),
Joe Courtney (D),
Angie Craig (D),
Sharice Davids (D),
Don Davis (D),
Monica De La Cruz (R),
Suzan DelBene (D),
Anna Eshoo (D),
Brian Fitzpatrick (R),
Andrew Garbarino (R),
Mike Garcia (R),
Dan Goldman (D),
Josh Gottheimer (D),
Al Green (D),
Josh Harder (D),
Jahana Hayes (D),
Darrell Issa (R),
Mike Kelly (R),
Kevin Kiley (R),
Young Kim (R),
David Kustoff (R),
Darin LaHood (R),
Nick LaLota (R),
Greg Landsman (D),
Mike Lawler (R),
Barbara Lee (D),
Debbie Lesko (R),
Mike Levin (D),
Ted Lieu (D),
Zoe Lofgren (D),
Kathy Manning (D),
Betty McCollum (D),
Richard McCormick (R),
Marc Molinaro (R),
Nathaniel Moran (R),
Jared Moskowitz (D),
Kevin Mullin (D),
Wiley Nickel (D),
Donald Norcross (D),
Eleanor Holmes Norton (D),
Jay Obernolte (R),
Frank Pallone (D),
Brittany Pettersen (D),
Chellie Pingree (D),
Katie Porter (D),
Guy Reschenthaler (R),
John Rutherford (R),
Pat Ryan (D),
María Salazar (R),
Adam Schiff (D),
Hillary Scholten (D),
Brad Sherman (D),
Michelle Steel (R),
Haley Stevens (D),
Tom Suozzi (D),
Eric Swalwell (D),
Dina Titus (D),
David Trone (D),
Jeff Van Drew (R),
Juan Vargas (D),
Last Action
Referred to the House Committee on Ways and Means. (on 03/01/2023)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/118th-congress/house-bill/1321/all-info |
| BillText | https://www.congress.gov/118/bills/hr1321/BILLS-118hr1321ih.pdf |
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