Bill > HR7400

This bill, titled the "Making Homeownership Affordable Again Act," proposes to amend the Internal Revenue Code of 1986 to eliminate all limitations on the amount of profit, or "gain," that individuals can exclude from their taxable income when selling their primary home, also known as a principal residence. Additionally, it introduces a new provision allowing for the complete exclusion of gain on the sale of any residence if it is sold to a "first-time homebuyer," defined as an individual (and their spouse, if married) who has not owned a principal residence in the three years prior to the sale. These changes are intended to make homeownership more accessible and affordable by reducing the tax burden associated with selling a home, particularly for those purchasing their first home.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/7400/all-info