H.R. 1340

119 HR 1340 IH: More Homes on the Market Act
 U.S. House of Representatives
 2025-02-13
 text/xml
 EN
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 I  119th CONGRESS  1st Session  H. R. 1340  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. Barragán ,  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.
1.
Short title
This Act may be cited as the   More Homes on the Market Act  .
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.