119-HR1340
More Homes on the Market Act
Last action was on 2-13-2025
SenateCurrent status is Referred to the House Committee on Ways and Means.
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119th CONGRESS
1st Session
H. R. 1340
1. Short title2. Increase of exclusion of gain from sale of principal residence1. 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) Adjustment for inflation - 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.
(b) Effective date - The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act.