Bill > HR7131

This bill, titled the "Middle Class Home Tax Elimination Act," 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 taxation when they sell their primary home, often referred to as their principal residence. Currently, there are specific dollar amounts that cap this tax exclusion, but this legislation aims to eliminate those caps entirely, meaning individuals could potentially exclude any amount of profit from the sale of their main home from federal income tax. The bill also includes conforming amendments to ensure other related tax provisions align with this change and specifies that these changes will take effect for any home sales or exchanges that occur after the bill becomes law.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/7131/all-info