H.R. 1340: More Homes on the Market Act
This bill, titled the More Homes on the Market Act, proposes changes to the Internal Revenue Code concerning the sale of a principal residence. Here are the key provisions of the bill:
1. Increase in Exclusion of Gain from Sale of Principal Residence
The main feature of the bill is an increase in the amount of profit (or "gain") that homeowners can exclude from their taxable income when they sell their primary residence. The current exclusion is:
- $250,000 for individual sellers.
- $500,000 for married couples filing jointly.
The bill proposes to raise these amounts to:
- $500,000 for individual sellers.
- $1,000,000 for married couples filing jointly.
2. Inflation Adjustment
In addition to the initial increase, the bill includes a provision that adjusts these exclusion amounts for inflation starting from the year 2024. This means that as the cost of living increases, the exclusion amounts would also increase accordingly. The adjustment would be based on a specific cost-of-living formula, and if the adjustment does not result in a multiple of $100, it would be rounded down to the nearest hundred.
3. Effective Date
The changes proposed in this bill would apply to any sales or exchanges that occur after the law is enacted. This means that homeowners looking to sell after enactment would benefit from the increased exclusion amounts.
Relevant Companies
- HD - Home Depot: An increased home sale exclusion could incentivize more property transactions, leading to increased demand for home improvement products.
- LOW - Lowe's: Similar to Home Depot, Lowe's may see a boost in sales as homeowners make renovations or improvements before selling their homes.
- TOL - Toll Brothers: As a home builder, Toll Brothers may benefit from increased demand for new homes if more sellers find it advantageous to sell due to the higher exclusion caps.
This is an AI-generated summary of the bill text. There may be mistakes.
Sponsors
76 bill sponsors
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TrackJimmy Panetta
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TrackYassamin Ansari
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TrackDon Bacon
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TrackNanette Diaz Barragán
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TrackJoyce Beatty
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TrackJulia Brownley
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TrackNikki Budzinski
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TrackKen Calvert
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TrackSalud O. Carbajal
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TrackSheila Cherfilus-McCormick
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TrackEmanuel Cleaver
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TrackJ. Luis Correa
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TrackJim Costa
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TrackJoe Courtney
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TrackAngie Craig
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TrackHenry Cuellar
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TrackSharice Davids
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TrackDonald G. Davis
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TrackMonica De La Cruz
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TrackSuzan K. DelBene
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TrackBrian K. Fitzpatrick
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TrackCharles J. "Chuck" Fleischmann
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TrackValerie P. Foushee
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TrackBrandon Gill
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TrackCraig Goldman
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TrackDaniel S. Goldman
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TrackJosh Gottheimer
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TrackAl Green
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TrackGlenn Grothman
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TrackJosh Harder
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TrackJahana Hayes
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TrackWesley Hunt
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TrackDarrell Issa
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TrackThomas H. Kean, Jr.
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TrackMike Kelly
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TrackKevin Kiley
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TrackYoung Kim
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TrackGreg Landsman
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TrackGeorge Latimer
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TrackMichael Lawler
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TrackMike Levin
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TrackSam Liccardo
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TrackTed Lieu
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TrackZoe Lofgren
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TrackNicole Malliotakis
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TrackTracey Mann
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TrackSarah McBride
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TrackBetty McCollum
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TrackMariannette Miller-Meeks
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TrackJames C. Moylan
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TrackKevin Mullin
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TrackJoe Neguse
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TrackDonald Norcross
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TrackZachary Nunn
Co-Sponsor
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TrackBrittany Pettersen
Co-Sponsor
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TrackChellie Pingree
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TrackMark Pocan
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TrackJohn H. Rutherford
Co-Sponsor
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TrackMaria Elvira Salazar
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TrackJanice D. Schakowsky
Co-Sponsor
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TrackDerek Schmidt
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TrackHillary J. Scholten
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TrackDavid Scott
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TrackTerri A. Sewell
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TrackBrad Sherman
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TrackJefferson Shreve
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TrackChristopher H. Smith
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TrackDarren Soto
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TrackThomas R. Suozzi
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TrackEric Swalwell
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TrackShri Thanedar
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TrackLori Trahan
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TrackJefferson Van Drew
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TrackJuan Vargas
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TrackRandy K. Weber, Sr.
Co-Sponsor
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TrackRudy Yakym III
Co-Sponsor
Actions
2 actions
| Date | Action |
|---|---|
| Feb. 13, 2025 | Introduced in House |
| Feb. 13, 2025 | Referred to the House Committee on Ways and Means. |
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