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HR 1340
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More Homes on the Market Act

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.

Introduced Feb 13, 2025

Latest action (Feb 13, 2025) Referred to the House Committee on Ways and Means.

Referred to
Ways and Means Committee
Policy area
Taxation
Issues
Housing

Summary

This bill would increase the capital gains exclusion for homeowners when they sell their principal residence. Currently, single filers can exclude $250,000 of gain from taxation and married couples filing jointly can exclude $500,000; the bill would increase these amounts to $500,000 and $1,000,000 respectively. Beginning in 2025, these exclusion amounts would be adjusted annually for inflation based on the cost-of-living index. The increased exclusions would take effect for sales and exchanges after the bill's enactment.

AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.

Sponsor (1)
153 cosponsors

Money behind the sponsor

Top reported contributors to Jimmy Panetta’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.

  • NULL $19,200
  • NFP $15,500
  • APOLLO GLOBAL MANAGEMENT $13,500
  • ROCKET CENTRAL $12,000
  • FOLKTALE WINERY $7,760

Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Jimmy Panetta → · Outside spending →

Actions (2)
  1. Feb 13, 2025 Referred to the House Committee on Ways and Means. · house
  2. Feb 13, 2025 Introduced in House

Similar bills (6)

Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.

  • HR 2854 — Neighborhood Homes Investment Act · Introduced Apr 10, 2025 · Cong. 119 75%
  • HR 7034 — 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. · Introduced Jan 13, 2026 · Cong. 119 71%
  • HR 4352 — HOMES Act · Introduced Jul 10, 2025 · Cong. 119 70%
  • HR 7400 — Making Homeownership Affordable Again Act · Introduced Feb 5, 2026 · Cong. 119 69%
  • HR 2725 — Affordable Housing Credit Improvement Act of 2025 · Introduced Apr 8, 2025 · Cong. 119 69%
  • S 3332 — More Homes on the Market Act · Introduced Dec 3, 2025 · Cong. 119 67%

Text versions (1)
  • Introduced in House · Feb 13, 2025

Only one text version is on file, so there’s no earlier version to compare against yet.

Full text

IN THE HOUSE OF REPRESENTATIVES

February 13, 2025

Mr. 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. Barragan, 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 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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “More Homes on the Market Act”.

SEC. 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 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 Date.—The amendments made by this section shall apply to sales and exchanges after the date of the enactment of this Act. <all>

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