HR7034Referred to Committee

To amend the Internal Revenue Code of 1986 to eliminate the dollar limitations on the exclusion of gain from sales of principal residences, and for other purposes.

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
119th
Congress
2026-01-13
Introduced
6
Cosponsors
HR
ⓘ
Type

Sponsor

Craig A. Goldman
Craig A. Goldman
Republican · TX · Representative
Votes with party: 98.0% (605 recorded votes)

Full profile: /officials/G000601

Source: Congress.gov · FEC

Cosponsors (6)

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.

2026-01-13

Source: Congress.gov

Plain-English Summary

This proposal would remove the current $250,000 limit (or $500,000 for married couples) on how much profit homeowners can exclude from taxes when they sell their primary residence, allowing people to avoid paying capital gains taxes on larger home sale profits. The change would primarily benefit homeowners in high-cost real estate markets who have seen their property values increase significantly over time, though it could reduce tax revenue collected by the federal government.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Taxation
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