Both sides have signed this (Bill Ranking)
H.R. 1340 · 119th Congress (2025-2026)
155 members · Left 76 · Center 19 · Right 60 (Bill Ranking)
| Sponsor | Rep. Panetta, Jimmy (D-CA) (Introduced 02/13/2025) |
|---|---|
| Sponsor Voting Record | Lean left · DW-NOMINATE -0.28 · measured from every roll-call vote this member has cast (voteview.com) (Sponsor Ranking) |
| Support |
LLLCLRR support across the spectrum: 155 members signed on (Bill Ranking) this bill: sponsor + current cosponsors, each once |
| Committees | House - Ways and Means Committee |
| Latest Action | 02/13/2025 Referred to the House Committee on Ways and Means. |
| Roll Call Votes | There have been no roll call votes |
| Source | view on congress.gov → |
Introduced in House (02/13/2025)
More Homes on the Market Act
This bill increases the amount of gain from the sale of a principal residence that an individual may exclude from gross income (for federal tax purposes).
Under the bill, an individual may exclude from gross income gain from the sale of a principal residence of up to $500,000 (currently $250,000), and taxpayers who are married and file a joint federal income tax return may exclude up to $1 million (currently $500.000). The bill also requires these amounts to be adjusted annually for inflation.
119 HR 1340 IH: More Homes on the Market Act U.S. House of Representatives 2025-02-13 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I119th CONGRESS1st SessionH. R. 1340IN THE HOUSE OF REPRESENTATIVESFebruary 13, 2025Mr. Panetta (for himself, Mr. Kelly of Pennsylvania, Ms. Malliotakis, Mr. Yakym, Mr. Correa, Ms. DelBene, Ms. Scholten, Ms. Brownley, Ms. Salazar, Mr. Mullin, Mr. Issa, Mr. Harder of California, Mr. Bacon, Ms. McCollum, Mr. Goldman of New York, Mr. Rutherford, Mr. Costa, Ms. Barragán, Mr. Swalwell, Mr. Lawler, Ms. De La Cruz, Ms. Pettersen, Ms. Ansari, Mr. Liccardo, Mr. Gottheimer, Mr. Thanedar, Mr. Carbajal, and Mr. Fitzpatrick) introduced the following bill; which was referred to the Committee on Ways and MeansA BILLTo 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 titleThis 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 generalSection 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 inflationIn the case of a taxable year beginning after 2024, 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 2023 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 dateThe amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act.
The bill's own words, from our database (synced from the GPO BILLS XML); paragraph breaks added at the bill's section boundaries, nothing else changed.
| Date | Chamber | All Actions |
|---|---|---|
| 02/13/2025 | Library of Congress | Introduced in House |
| 02/13/2025 | Library of Congress | Introduced in House |
| 02/13/2025 | House floor actions | Referred to the House Committee on Ways and Means. |
| Title Type | Title |
|---|---|
| Display Title | More Homes on the Market Act |
| Short Title(s) as Introduced | More Homes on the Market Act |
| Official Title as Introduced | 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. |
There are no amendments to this bill.
* = Original cosponsor
| Committee | Activity |
|---|---|
| House - Ways and Means Committee | 02/13/2025 Referred To |
Policy Area: Taxation
No legislative subjects have been assigned yet.
All data on this page comes from our own database (legislation.congress_* tables), synced daily from the GPO govinfo BILLSTATUS and BILLS collections. Formatted after congress.gov; nothing is generated. Member placement is their DW-NOMINATE score (voteview.com, Lewis et al.) - a measurement of roll-call voting behavior, not our judgement. Buckets: Left below −0.50 · Lean Left to −0.25 · Center to +0.25 · Lean Right to +0.50 · Right above +0.50. The bill's Support meter aggregates the people who signed the bill - sponsor and current cosponsors, each counted once - nothing else.