More Homes on the Market Act (H.R. 1340)
Referred to CommitteeLatest Action
Referred to the House Committee on Ways and Means.
2/13/2025 • House
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.
Introduced in House • 2/13/2025
Topics & Subjects
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Related Federal Spending
Sponsor & Cosponsors (160)
Party Breakdown
Sponsor
Cosponsors (159)
Bill Journey
Originated in the House
Introduced
February 13, 2025
Referred to the House Committee on Ways and Means.
Committee Review
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law