CONGRESS FOR VOTERS

DemocratBill · H.R. 1340· House(119-HR-1340)

More Homes on the Market Act

Rep. Panetta
Age: 57 years
California
Introduced
2/13/2025
Last activity
2/13/2025 — Referred to the House Committee on Ways and Means.
Sponsored by
Jimmy Panetta
Cosponsors
Democrat - 91Republican - 66
Taxation
  1. Introduced
  2. In Committee

What this bill would do

The More Homes on the Market Act aims to amend the Internal Revenue Code of 1986. The primary purpose is to increase the exclusion of gain from the sale of a principal residence. It specifically proposes to increase the current $250,000 amount to $500,000. It also proposes to increase the $500,000 amount to $1,000,000. Additionally, the bill establishes an adjustment for inflation for these amounts for taxable years beginning after 2024.

Yes· 3 of 10

  • Does this cut taxes for middle-income families?+5

    The bill increases the amount of gain that can be excluded from taxation when selling a primary residence, benefiting many middle-class homeowners.

  • Would people over 65 be better off under this?+4

    Seniors frequently sell their primary residences and would benefit greatly from increased tax exclusions.

  • Would retired people be better off under this?+4

    Retirees who sell their homes to downsize or relocate will benefit from higher tax-free gain exclusions.

The opposite

  • Does this reduce what the federal government owes?-2

    Reducing tax exclusions may decrease federal revenue, potentially increasing the deficit if not offset.