119-hr1340

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1340 Introduced in House

    (IH) ]

<DOC>

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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