Bill > HR4327

This bill seeks to eliminate dollar limitations on the exclusion of capital gains tax when selling a principal residence by amending Section 121 of the Internal Revenue Code of 1986. Currently, homeowners can exclude a certain amount of profit from the sale of their primary home from capital gains taxes, but this bill would remove those monetary caps entirely. Specifically, the bill removes paragraphs that previously set dollar limits on how much gain could be excluded from taxation when selling a home, effectively allowing homeowners to potentially exclude larger amounts of profit from their home sales without being subject to capital gains tax. The amendments would apply to home sales and exchanges that occur after the date of the bill's enactment. The bill, titled the "No Tax on Home Sales Act," represents a significant change to existing tax law that could provide more financial flexibility for homeowners when selling their primary residences by removing previous monetary restrictions on tax exclusions.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4327/all-info