More Homes on the Market Act

Bill: 118-hr-1321
Sponsor: full_name: Rep. Panetta, Jimmy [D-CA-19]
Introduced: 2023-03-01
Policy area: Taxation
Latest action: action_date: 2023-03-01
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2023-03-01
action_desc: Introduced in House
text: <p> <strong>More Homes on the Market Act </strong></p> <p>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.</p>

tv_txt: I 118th CONGRESS 1st Session H. R. 1321 IN THE HOUSE OF REPRESENTATIVES March 1, 2023 Mr. Panetta (for himself and Mr. Kelly of Pennsylvania ) introduced the following bill; which was referred to the Committee on Ways and Means A BILL 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.

1. 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) by adding at the end the following new paragraph: (5) Adjustment for inflation In the case of a taxable year beginning after 2023, 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 2022 for 2016 in subparagraph (A)(ii) thereof. If any increase under this clause is not a multiple of $100, such increase shall be rounded to the next lowest multiple of $100. . (b) Effective date The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act.