More Homes on the Market Act

Hozzl · 2023-12-15T15:55:10Z

Explore the details of House Bill 1321 More Homes on the Market Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/15/2023, 3:55 PM

Summary of Bill HR 1321

Bill 118 hr 1321, also known as the More Homes on the Market Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the ongoing issue of housing affordability and availability in the United States.

One of the key provisions of the More Homes on the Market Act is the establishment of a grant program to incentivize local governments to streamline their zoning and permitting processes in order to increase the supply of housing. This is seen as a crucial step in addressing the housing shortage that many communities across the country are currently facing.

Additionally, the bill includes measures to encourage the development of affordable housing units, such as providing tax incentives for developers who build affordable housing and expanding access to federal housing assistance programs. The More Homes on the Market Act also aims to promote sustainable and inclusive development by encouraging the construction of mixed-income housing and promoting the use of environmentally-friendly building practices. Overall, supporters of the bill argue that increasing the supply of housing will help to alleviate the affordability crisis and provide more options for individuals and families looking for a place to live. Critics, however, have raised concerns about the potential impact of the bill on local communities and the environment. As the More Homes on the Market Act continues to make its way through the legislative process, it will be important for lawmakers to carefully consider the potential benefits and drawbacks of the proposed measures in order to ensure that they effectively address the housing challenges facing the country.

Congressional Summary of HR 1321

More Homes on the Market Act

This bill increases the tax exclusion of gain from the sale of a principal residence and requires an annual inflation adjustment to such increased amount.

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Current Status of Bill HR 1321

Bill HR 1321 is currently in the status of Bill Introduced since March 1, 2023. Bill HR 1321 was introduced during Congress 118 and was introduced to the House on March 1, 2023. Bill HR 1321's most recent activity was Referred to the House Committee on Ways and Means. as of March 1, 2023

Bipartisan Support of Bill HR 1321

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 HR 1321

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 1321

More Homes on the Market ActMore Homes on the Market ActTo amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale of a principal residence, and for other purposes.

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