More Homes on the Market Act

Hozzl · 2025-03-13T04:23:37Z

Explore the details of House Bill 1340 More Homes on the Market Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

3/13/2025, 4:23 AM

Summary of Bill HR 1340

Bill 119 HR 1340, also known as the "Principal Residence Exclusion Act," aims to amend the Internal Revenue Code of 1986 in order to increase the exclusion of gain from the sale of a principal residence. Currently, homeowners are able to exclude up to $250,000 ($500,000 for married couples filing jointly) of capital gains from the sale of their primary residence from their taxable income. This bill seeks to raise that exclusion amount, allowing homeowners to keep more of the profit from the sale of their home without having to pay taxes on it.

In addition to increasing the exclusion amount, the bill also includes provisions for other purposes related to the taxation of real estate transactions. These additional purposes could include changes to how gains from the sale of second homes or investment properties are taxed, or adjustments to the rules for determining what qualifies as a "principal residence" for tax purposes.

Overall, the Principal Residence Exclusion Act is aimed at providing homeowners with greater financial flexibility when selling their primary residence, potentially incentivizing more people to buy and sell homes and stimulating the real estate market. The bill is currently being considered by Congress and may undergo revisions or amendments before being voted on.

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Current Status of Bill HR 1340

Bill HR 1340 is currently in the status of Bill Introduced since February 13, 2025. Bill HR 1340 was introduced during Congress 119 and was introduced to the House on February 13, 2025. Bill HR 1340's most recent activity was Referred to the House Committee on Ways and Means. as of February 13, 2025

Bipartisan Support of Bill HR 1340

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Policy Area and Potential Impact of Bill HR 1340

Primary Policy Focus

Alternate Title(s) of Bill HR 1340

To amend the Internal Revenue Code of 1986 to increase the exclusion of gain from the sale of a principal residence, and for other purposes.To 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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