HR 1340 ยท More Homes on the Market Act
Referred to the House Committee on Ways and Means.
- Introduced
- Feb 13, 2025
- Latest action
- Feb 13, 2025
- Sponsor
- Rep. Jimmy Panetta [D-CA-19]
- Policy area
- Taxation
- Cosponsors
- 122
Summary
More Homes on the Market Act 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.
Recent actions
- Feb 13, 2025 Referred to the House Committee on Ways and Means.
- Feb 13, 2025 Introduced in House
- Feb 13, 2025 Introduced in House
Votes
No recorded votes are available for this bill.