HR 1340

More Homes on the Market Act

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.

Bill status

Status: In committee
Sponsor: Rep. Jimmy Panetta [D-CA-19]
Cosponsors: 147
Policy area: Taxation
Introduced: 2025-02-13
Latest action: 2025-02-13: Referred to the House Committee on Ways and Means.

Committee referrals

Ways and Means Committee: House · Referred To · 2025-02-13

Recent actions

2025-02-13: Referred to the House Committee on Ways and Means.
2025-02-13: Introduced in House
2025-02-13: Introduced in House