summary
Introduced
02/13/2025
02/13/2025
In Committee
02/13/2025
02/13/2025
Crossed Over
Passed
Dead
Introduced Session
119th 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, named the "More Homes on the Market Act," proposes to increase the tax exclusion amount for gains from the sale of a principal residence under the Internal Revenue Code. Currently, homeowners can exclude up to $250,000 in capital gains ($500,000 for married couples filing jointly) when selling their primary home. The bill would double these amounts to $500,000 for single filers and $1,000,000 for married couples filing jointly. Additionally, the bill introduces an annual inflation adjustment mechanism for these amounts, starting in 2024, which would automatically increase the exclusion amounts based on the cost of living. This means the tax-free gain from selling a home would be indexed to inflation, potentially providing more tax relief for homeowners as property values and living costs rise. The changes would apply to home sales and exchanges occurring after the date of the Act's enactment, potentially making it more financially advantageous for homeowners to sell their properties.
Committee Categories
Budget and Finance
Sponsors (102)
Jimmy Panetta (D)*,
Yassamin Ansari (D),
Don Bacon (R),
Nanette Barragán (D),
Aaron Bean (R),
Joyce Beatty (D),
Wesley Bell (D),
Sanford Bishop (D),
Brendan Boyle (D),
Robert Bresnahan (R),
Julia Brownley (D),
Nikki Budzinski (D),
Ken Calvert (R),
Salud Carbajal (D),
Sean Casten (D),
Sheila Cherfilus-McCormick (D),
Gil Cisneros (D),
Emanuel Cleaver (D),
Mike Collins (R),
Lou Correa (D),
Jim Costa (D),
Joe Courtney (D),
Angie Craig (D),
Henry Cuellar (D),
Sharice Davids (D),
Don Davis (D),
Monica De La Cruz (R),
Suzan DelBene (D),
Adriano Espaillat (D),
Michelle Fischbach (R),
Scott Fitzgerald (R),
Brian Fitzpatrick (R),
Chuck Fleischmann (R),
Valerie Foushee (D),
Russ Fulcher (R),
Robert Garcia (D),
Brandon Gill (R),
Jared Golden (D),
Craig Goldman (R),
Dan Goldman (D),
Josh Gottheimer (D),
Al Green (D),
Glenn Grothman (R),
Josh Harder (D),
Jahana Hayes (D),
Pablo Jose Hernandez (D),
Wesley Hunt (R),
Darrell Issa (R),
Julie Johnson (D),
Tom Kean (R),
Mike Kelly (R),
Kevin Kiley (R),
Young Kim (R),
David Kustoff (R),
Greg Landsman (D),
George Latimer (D),
Mike Lawler (R),
Mike Levin (D),
Sam Liccardo (D),
Ted Lieu (D),
Zoe Lofgren (D),
Nicole Malliotakis (R),
Tracey Mann (R),
Thomas Massie (R),
Sarah McBride (D),
Betty McCollum (D),
Dan Meuser (R),
Mariannette Miller-Meeks (R),
Nathaniel Moran (R),
Jim Moylan (R),
Kevin Mullin (D),
Joe Neguse (D),
Donald Norcross (D),
Zach Nunn (R),
Scott Peters (D),
Brittany Pettersen (D),
Chellie Pingree (D),
Mark Pocan (D),
Nellie Pou (D),
John Rutherford (R),
María Salazar (R),
Jan Schakowsky (D),
Derek Schmidt (R),
Hillary Scholten (D),
David Scott (D),
Terri Sewell (D),
Brad Sherman (D),
Jefferson Shreve (R),
Chris Smith (R),
Darren Soto (D),
Pete Stauber (R),
Tom Suozzi (D),
Eric Swalwell (D),
Emilia Sykes (D),
Shri Thanedar (D),
Lori Trahan (D),
Jeff Van Drew (R),
Beth Van Duyne (R),
Juan Vargas (D),
Randy Weber (R),
Rob Wittman (R),
Rudy Yakym (R),
Last Action
Referred to the House Committee on Ways and Means. (on 02/13/2025)
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/119th-congress/house-bill/1340/all-info |
| BillText | https://www.congress.gov/119/bills/hr1340/BILLS-119hr1340ih.pdf |
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