I
119THCONGRESS
1
STSESSION H. R. 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.
IN THE HOUSE OF REPRESENTATIVES
FEBRUARY13, 2025
Mr. P
ANETTA(for himself, Mr. KELLYof Pennsylvania, Ms. MALLIOTAKIS,
Mr. Y
AKYM, Mr. CORREA, Ms. DELBENE, Ms. SCHOLTEN, Ms.
B
ROWNLEY, Ms. SALAZAR, Mr. MULLIN, Mr. ISSA, Mr. HARDERof Cali-
fornia, Mr. B
ACON, Ms. MCCOLLUM, Mr. GOLDMANof New York, Mr.
R
UTHERFORD, Mr. COSTA, Ms. BARRAGA´N, Mr. SWALWELL, Mr.
L
AWLER, Ms. DELACRUZ, Ms. PETTERSEN, Ms. ANSARI, Mr.
L
ICCARDO, Mr. GOTTHEIMER, Mr. THANEDAR, Mr. CARBAJAL, and Mr.
F
ITZPATRICK) 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 resi-
dence, and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘More Homes on the 4
Market Act’’. 5
VerDate Sep 11 2014 04:58 Mar 11, 2025 Jkt 059200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1340.IH H1340
kjohnson on DSK7ZCZBW3PROD with $$_JOB 2
•HR 1340 IH
SEC. 2. INCREASE OF EXCLUSION OF GAIN FROM SALE OF 1
PRINCIPAL RESIDENCE. 2
(a) I
NGENERAL.—Section 121(b) of the Internal 3
Revenue Code of 1986 is amended— 4
(1) by striking ‘‘$250,000’’ and inserting 5
‘‘$500,000’’ each place it appears, 6
(2) by striking ‘‘500,000’’ and inserting 7
‘‘$1,000,000’’ each place it appears, 8
(3) in paragraph (2)(A), in the heading, by 9
striking ‘‘
$500,000’’ and inserting ‘‘$1,000,000’’, and 10
(4) by adding at the end the following new 11
paragraph: 12
‘‘(5) A
DJUSTMENT FOR INFLATION .—In the 13
case of a taxable year beginning after 2024, the 14
$500,000 and $1,000,000 amounts in paragraphs 15
(1), (2), and (4) shall be increased by an amount 16
equal to— 17
‘‘(A) such dollar amount, multiplied by 18
‘‘(B) the cost-of-living adjustment deter-19
mined under section 1(f)(3) for the calendar 20
year in which the taxable year begins, deter-21
mined by substituting ‘2023’ for ‘2016’ in sub-22
paragraph (A)(ii) thereof. 23
If any increase under this clause is not a multiple 24
of $100, such increase shall be rounded to the next 25
lowest multiple of $100.’’. 26
VerDate Sep 11 2014 04:58 Mar 11, 2025 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1340.IH H1340
kjohnson on DSK7ZCZBW3PROD with $$_JOB 3
•HR 1340 IH
(b) EFFECTIVEDATE.—The amendments made by 1
this section shall apply to sales and exchanges after the 2
date of the enactment of this Act. 3
Æ
VerDate Sep 11 2014 04:58 Mar 11, 2025 Jkt 059200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6301 E:\BILLS\H1340.IH H1340
kjohnson on DSK7ZCZBW3PROD with $$_JOB