Military Homeowners Equity Act

Senate Bill 1678 - Military Homeowners Equity Act: Overview, Status, and Impact

Hozzl · 2023-01-16T09:03:20Z

Explore the details of Senate Bill 1678 Military Homeowners Equity Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

1/16/2023, 9:03 AM

Congressional Summary of S 1678

Military Homeowners Equity Act - Amends the Internal Revenue Code to state that members of the Uniformed or Foreign Services on qualified official extended duty shall be considered to be using already owned and used property as a principal residence for purposes of determining exclusion of gain upon such residence's sale.

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Current Status of Bill S 1678

Bill S 1678 is currently in the status of Bill Introduced since November 13, 2001. Bill S 1678 was introduced during Congress 107 and was introduced to the Senate on November 13, 2001. Bill S 1678's most recent activity was Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S11723) as of November 13, 2001

Bipartisan Support of Bill S 1678

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 1678

Primary Policy Focus

Taxation

Potential Impact Areas

- Americans employed in foreign countries

- Armed Forces and National Security

- Armed forces abroad

- Capital gains tax

- Department of State

- Families

- Federal employees

- Foreign service

- Government Operations and Politics

- Home ownership

- Housing and Community Development

- Housing finance

- Income tax

- International Affairs

- Married people

- Military personnel

- Personal income tax

- Tax exclusion

Alternate Title(s) of Bill S 1678

Military Homeowners Equity Act

A bill to amend the Internal Revenue Code of 1986 to provide that a member of the uniformed services or the Foreign Service shall be treated as using a principal residence while away from home on qualified official extended duty in determining the exclusion of gain from the sale of such residence.

Military Homeowners Equity Act