Govwatch

Introduced

In Committee

3

Passed One Chamber

4

Passed Both

5

Signed into Law

Sponsor

Jimmy Panetta

Democrat · CA · Representative

Votes with party: 93.8% (610 recorded votes)

Full profile: /officials/P000613

Source: Congress.gov · FEC

Cosponsors (145)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Referred to the House Committee on Ways and Means.

2025-02-13

Source: Congress.gov

Committee Activity

Currently in

House Committee on Ways and MeansReferred To · 2025-02-13

Previously

Ways and Means CommitteeReferred To · 2025-02-13

Plain-English Summary

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.

Plain-English rewrite of the Congressional Research Service summary published on Congress.gov. Cached and reviewed.

Subjects

Taxation

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Open text view Read on Congress.gov

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