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HR 1340In committeeTaxeshouse
More Homes on the Market Act
Introduced Feb 13, 2025 by Rep. Jimmy Panetta
IntroducedCommitteeFloorCongressLaw
It's waiting on a committee vote to reach the full chamber. Most bills never leave this stage.
Latest action · Feb 13, 2025
Referred to the House Committee on Ways and Means.
What it does
This bill increases the amount of gain from the sale of a principal residence that an individual may exclude from gross income (for federal tax purposes).
Under the bill, an individual may exclude from gross income gain from the sale of a principal residence of up to $500,000 (currently $250,000), and taxpayers who are married and file a joint federal income tax return may exclude up to $1 million (currently $500.000). The bill also requires these amounts to be adjusted annually for inflation.
Summary by the Congressional Research Service.
Roll-call votes
No floor votes yet — it hasn't reached the floor of either chamber.