Bill
Bill > HR7034
US HR7034
US HR7034To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
119th Congress
Bill Summary
A BILL To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.
AI Summary
This bill proposes to amend the Internal Revenue Code of 1986 to remove the existing dollar limits on the amount of profit (gain) that individuals can exclude from their taxable income when they sell their main home, also known as their principal residence. Currently, there are specific dollar amounts that cap this exclusion, but this legislation would eliminate those caps, allowing homeowners to exclude the entire gain from the sale of their primary home, regardless of how large that gain might be, for sales and exchanges that occur after the bill becomes law.
Committee Categories
Budget and Finance
Sponsors (7)
Craig Goldman (R)*,
Andy Biggs (R),
Gabe Evans (R),
Mike Haridopolos (R),
Jeff Hurd (R),
Ronny Jackson (R),
Roger Williams (R),
Last Action
Referred to the House Committee on Ways and Means. (on 01/13/2026)
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/7034/all-info |
| BillText | https://www.congress.gov/119/bills/hr7034/BILLS-119hr7034ih.pdf |
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