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Bill > HR1340

US HR1340

More Homes on the Market Act

summary

Introduced
02/13/2025
In Committee
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 (73)

Jimmy Panetta (D)*,  Yassamin Ansari (D),  Don Bacon (R),  Nanette Barragán (D),  Joyce Beatty (D),  Julia Brownley (D),  Nikki Budzinski (D),  Ken Calvert (R),  Salud Carbajal (D),  Sheila Cherfilus-McCormick (D),  Emanuel Cleaver (D),  Lou Correa (D),  Jim Costa (D),  Angie Craig (D),  Henry Cuellar (D),  Sharice Davids (D),  Don Davis (D),  Monica De La Cruz (R),  Suzan DelBene (D),  Brian Fitzpatrick (R),  Chuck Fleischmann (R),  Valerie Foushee (D),  Brandon Gill (R),  Craig Goldman (R),  Dan Goldman (D),  Josh Gottheimer (D),  Al Green (D),  Glenn Grothman (R),  Josh Harder (D),  Jahana Hayes (D),  Wesley Hunt (R),  Darrell Issa (R),  Tom Kean (R),  Mike Kelly (R),  Kevin Kiley (R),  Young Kim (R),  Greg Landsman (D),  Mike Lawler (R),  Mike Levin (D),  Sam Liccardo (D),  Ted Lieu (D),  Zoe Lofgren (D),  Nicole Malliotakis (R),  Tracey Mann (R),  Sarah McBride (D),  Betty McCollum (D),  Jim Moylan (R),  Kevin Mullin (D),  Joe Neguse (D),  Donald Norcross (D),  Zach Nunn (R),  Brittany Pettersen (D),  Chellie Pingree (D),  Mark Pocan (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),  Tom Suozzi (D),  Eric Swalwell (D),  Shri Thanedar (D),  Lori Trahan (D),  Jeff Van Drew (R),  Juan Vargas (D),  Randy Weber (R),  Rudy Yakym (R), 

Last Action

Referred to the House Committee on Ways and Means. (on 02/13/2025)

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