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[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1340 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 1340
To amend the Internal Revenue Code of 1986 to increase the exclusion of
gain from the sale of a principal residence, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 13, 2025
Mr. Panetta (for himself, Mr. Kelly of Pennsylvania, Ms. Malliotakis,
Mr. Yakym, Mr. Correa, Ms. DelBene, Ms. Scholten, Ms. Brownley, Ms.
Salazar, Mr. Mullin, Mr. Issa, Mr. Harder of California, Mr. Bacon, Ms.
McCollum, Mr. Goldman of New York, Mr. Rutherford, Mr. Costa, Ms.
Barragan, Mr. Swalwell, Mr. Lawler, Ms. De La Cruz, Ms. Pettersen, Ms.
Ansari, Mr. Liccardo, Mr. Gottheimer, Mr. Thanedar, Mr. Carbajal, and
Mr. Fitzpatrick) introduced the following bill; which was referred to
the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to increase the exclusion of
gain from the sale of a principal residence, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``More Homes on the Market Act''.
SEC. 2. INCREASE OF EXCLUSION OF GAIN FROM SALE OF PRINCIPAL RESIDENCE.
(a) In General.--Section 121(b) of the Internal Revenue Code of
1986 is amended--
(1) by striking ``$250,000'' and inserting ``$500,000''
each place it appears,
(2) by striking ``500,000'' and inserting ``$1,000,000''
each place it appears,
(3) in paragraph (2)(A), in the heading, by striking
``$500,000'' and inserting ``$1,000,000'', and
(4) by adding at the end the following new paragraph:
``(5) Adjustment for inflation.--In the case of a taxable
year beginning after 2024, the $500,000 and $1,000,000 amounts
in paragraphs (1), (2), and (4) shall be increased by an amount
equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment determined
under section 1(f)(3) for the calendar year in which
the taxable year begins, determined by substituting
`2023' for `2016' in subparagraph (A)(ii) thereof.
If any increase under this clause is not a multiple of $100,
such increase shall be rounded to the next lowest multiple of
$100.''.
(b) Effective Date.--The amendments made by this section shall
apply to sales and exchanges after the date of the enactment of this
Act.
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